Homes Vs Condos and Ccrs

By: Melissa O'Connell

In purchasing property in this day and age, buyers have essentially come down to two different choices in a home: single family detached homes or condos. Now, there is quite a bit of differences between these two aside from the obvious differences. Homes and condos generally appeal to different kinds of people. For different reasons. There is the asset of not having to worry about exterior maintenance with a condo but then again there is the drawback of not having a yard or property as such. To some this might be a big deal to others it may not, but these are the choices that one has to make when deciding upon a style or type of housing situation.

One definite difference between homes and condos is what is known as the CCR. The CCR is basically the set of rules and regulations that are laid out for condos and their residents by the Condo Homeowners Association.

The Covenants, Conditions and Restrictions are rules that apply to any owner in the development as well as any renters that may be occupying units. Typically these rules designate what is and what is not acceptable for the common areas of the building such as hallways, any common rooms and exterior facilities. These rules can vary greatly from one development to another so it is a good idea to get familiar with any CCR before purchasing a unit in a condo development.

If you choose to purchase a unit in a condo development that you will likely have the opportunity to join the HOA for the building. Doing this is a great way to meet your neighbors and become actively involved in the future of the development. This will also give you the chance to help form the CCR for the building. Being active in a HOA is not only valuable in terms of keeping an eye on where the building is going in the long term but it will also allow you the peace of mind to know that you as a resident and owner have a say in what takes place in the development. For instance you could have a say in the raising or lowering of monthly fees and what those fees cover. Remember that when dealing with a condo as opposed to a home there has to be a consensus on changes. Traditional homes do offer a real freedom when it comes to renovation and change but then the whole cost is your responsibility.

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