Getting to Know Condos

By: Andy Asbury

As you drive through your hometown you have no doubt noted the development that is expanding most towns in the U.S. Look closer and you will notice that a great number of these developments are condominiums. Condos are gaining popularity like a boulder rolling downhill gains speed. Condo units owe their dramatic rise in popularity to several factors including their typical location in major business centers, their cost as opposed to standard houses, and the number of desirable extras that have come to be associated with condo developments.

One major aspect that people should be aware of before moving into a condo development is the fact that there are some rules and regulations that will have to be abided by. People coming from a detached home situation might find the concept of "rules for a property that they own" strange. Condos by definition are a group ownership. Units are individually owned but the building itself is a group ownership comprised of the individual unit owners. This means that owners have the responsibility to see to the upkeep of the building. This is normally accomplished by the monthly condo fees. Fees also cover things like repairs to the building, landscaping and maintenance of any additional amenities in the complex like pools, health clubs and spas.

Another aspect of condos is the owners group or committee. This is a group made up of the individual owners that is responsible for setting the rules and regulations of the complex. In a stereotypical development the ownership group contracts the management of the building to a management company that is responsible for the day-to-day operations of the building, but any decisions affecting the building either structurally or financially must be approved by the committee. So be prepared for this kind of arrangement when looking into condos.

The popularity and usefulness of a condo style of housing has no limits and as they are typically less expensive the a normal detached home, they are accessible to larger number of people. This environment has assured the future of the condo style of living and condos definitely have a bright and attractive future. If you are looking for a great home that will only appreciate over time, then a condo is something that you might want to consider.

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