One type of home ownership is a condominium. In this type of ownership, the individual units of a large building or complex are sold to people as opposed to having them rented out. The units involved in a condominium arrangement can range from townhouses, apartments or commercial warehouses. A common misconception is that a “condominium” describes a type of unit, when in fact the term refers to the type of legal ownership arrangement.
In a condominium arrangement, any person who purchases a unit will own everything that is within the walls of his unit. The common areas will be partly owned by all of the condominium owners. They will have a shared ownership or rights to the common areas. This may include the hallways, pools, club house, and elevators, among others. The maintenance of the common areas is within the jurisdiction of the condominium association. The condominium owners usually pay association fees or monthly dues that go towards building a fund for the maintenance of these areas and also for larger maintenance and repair costs.
A condominium ownership is not for everyone. Those who value privacy may find this kind of arrangement too obtrusive since they will be interacting constantly with other owners in the common areas. The limited space may also mean there won’t be a personal space for a garden or lawn.
A condominium arrangement is perfect for people who are used to apartment living. It is also ideal for people whose budget is not enough for a single-unit home.