What Is A Condo?
So, you’ve started the search for a new home. Congratulations! This is an exciting time. Before diving in and setting appointments, it’s important to know the different terms when discussing home types and features so you know what to look for. That’s why we want to share in-depth insight on one home type you could hear a lot about – condominiums. A condominium may also be referred to as a condo. Sound interesting? We’ve compiled some great information on what home buyers should know when buying a condo. Let’s start with defining it.
What is the definition of a condo?
When we say the word “condo” or “condominium,” many people think of tall buildings spotted with balconies in an urban area. It is true that some condominium complexes are like that, but not all. The official definition of a condominium is “individual ownership of a unit in a multi-unit structure.” This means that condominiums are multiple units owned by different parties with common ownership of land. There are no other requirements!
So, are there different type of condos?
Yes, condominiums come in all different shapes and sizes. For example, condos can look like detached single-family homes with their own driveways while also attaching to the driveways of other units. You can find this layout in Greenwich Walk at Foxcreek. They can also be in two- or three-story buildings like in Quarterpath at Williamsburg. If there are multiple units with common ownership of land, they qualify as condos.
Who manages a condo?
When condominiums are stand-alone buildings, owners of individual condo units establish what is known as a Common Interest Community Board or a Condo Board. Members of the Board are responsible for the condo’s management and operations including maintenance of common spaces. The members are elected by a vote from condo owners and serve without compensation.
However, if the condo is located within a master-planned community, the Homeowners Association (HOA) is usually responsible for the management and operations of common spaces.
What defines a common area or space?
A common area or space of a condo includes the roof, exterior siding and landscaping around the condo that are maintained by the Board or Homeowners Association. And, as a condominium owner, you don’t have to worry about personally replacing your roof, painting your home, or mowing the lawn - EVER. The cost for this is paid through an assessment or HOA fee. Given that this is a common ownership structure, these common spaces are maintained in a uniform way that is consistent with the Board or Homeowners Association’s bylaws.
What are the benefits of a condo?
A main perk of owning a condo is low-maintenance living, which is also referred to as the lock-and-go lifestyle. Exterior home maintenance is provided, so homeowners can spend more time enjoying life and less on home maintenance. This also means homeowners have more flexibility with their finances and will not have to worry about major surprise expenses. Additionally, many condominium communities with Homeowners Associations (HOAs) offer great social events to foster new friendships and connections. Lifestyle programming creates a sense of community and often results in longer residency. Looking for a swimming pool or other fun amenities? Many communities, like HHHunt Communities, provide a variety of amenities for homeowners such as clubhouses, pools, walking trails, dog parks and more. This means homeowners can save on external memberships because they will have access right in their backyards.
What is a condo assessment?
Great question. Condo assessments vary by community, but they are typically billed monthly. These fees cover the many services to maintain the condo complex and provide peace of mind in ensuring a well-managed community while also maintaining home values.
At HHHunt, we believe it’s how you live that matters, and we hope you find this information useful as you continue your home search. There are many great benefits to condo living, but the choice is yours. HHHunt designs with you in mind by providing options for any lifestyle with condos, single-family homes, townhomes, and apartments. Subscribe to our YouTube Channel for more content like this, as well as video tours, helpful tips and more.
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