The condominium concept, but has shown a steady increase in the past few years, especially in the metropolitan cities. Although this trend is not to catch up very much soon, the awareness has been spreading slowly. For those who does not know what a condominium is, read on below to know more.
What is it?
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The condominium showcases growth which can be in many forms such as in an apartment complex, multi- family dwellings, and townhouses. It is differentiated from the rest of the multi-tenant complexes by declaring it legally that the people can buy units of the complex or the building. In many cases this is considered as the development where the laws are drafted out exclusive for condominiums.A typical description of the condominium can be considered as ‘box in the air’. When a person buy the condominium, the owner can get a title to the unit till the walls but not in-between. The common areas such as diving, stairways, rooftop gardens, exterior walls and dividing walls, gyms, come under the shared ownership. Any development of these common spaces will be asked for concern by everyone. You can utilize these spaces based on your interest.
In case of any repair or maintenance work at the common spaces it has to share among the every person who stays there. Usually there is a condominium association for every condominium and they are even known as the unit owners association. This is formed through conducting an election by the owners of the condominiums. They are the ones who take decisions and also indulge in development of the community.
The cost of the condominium includes:
- Property tax, arras, and mortgage
- A condo fee which is the other name for the maintenance cost. It has to be paid by all the residents for salaries of ground keepers, janitors, luxury swimming pools, building maintenance, and gym. It is paid on a monthly basis and can change in accordance.
- Special assessment rates. If you want any planned modification or any unexpected repair the extra fees would be collected.
There are some rules like restriction on noise levels and pets.
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