real estate
Condominiums...Let's Start at the Beginning
by Barbara Ditlow
May 27, 2008 | 0 Comments
Also In Real Estate
-
Congress Avenue Marriott Project
12/17/08 |
0
-
Austin Remains Calm in the Midst of an Economic Storm
08/26/08 | 0
-
The Hurting High End
08/23/08 | 0
Let’s consider what a condominium actually is. Most of us know that it is just like an apartment but you own it. You take care of the interior repairs and maintenance and along with the other owners you collectively pay to take care of the exterior maintenance.
The condominium form of ownership or real property did have its earliest foundations during the Roman Empire when there were records of common ownership by two or more people. In 1804 in the Napoleonic Code of France, this form of ownership was put into law.
If you look up the root words from Latin, we have con-, com- "together" and dominium "ownership, rule,”. Easy? Not so fast!
Condominium does not refer to an architectural style, but rather an organizational style, so to speak. Did you know that in order to have a condominium, there must be three distinct components?
The first is the exclusive ownership of a single unit. This is what you look for when you surf the web late at night searching for that ideal, carefree space where you can feel released from the continual demands of exterior maintenance on your home! The realtors load images up on local and national data bases which display an array of interiors you can choose from. The variations here will be many. Where the unit is located in the complex, what views it has, whether or not it is a corner unit, what kind of flooring, cabinetry, kitchen amenities - all of these will effect the price. You will own everything that is within the interior walls, halfway to the studs.
The second component is joint ownership, as tenants in common with others, of common areas. This includes the exteriors of the buildings – the walls, the roofs, the walkways, the grounds, the trees, the roadways, etc. Often these are not posted on the web and have to be viewed on site to get a full picture so to speak. Pools, extensive landscaping, automatic gates, etc. all add to the desirability of the complex and all require money to maintain.
And the third component is an agreement among owners for the management and administration of the total condominium property. This may be seen as a loaded image up on the web as kind of context to the visual impact of the complex as a whole This is the behind the scenes component which does effect what you see and feel as you view the property in its entirety. If you have a poorly run property management company, then guess what, your home surroundings, and your investment (!), will not receive the appropriate care. You will be paying money and getting very little in return.
So think – exclusive ownership, shared ownership, and an agreement to manage what is shared – when you begin your search for that perfect condominium!
About The Author
No other profession combines the skills and knowledge necessary to be an effective agent. You need to know your city and what is happening at planning and zoning. You need to know the nuances of a neighborhood- the parks, the schools and the shopping areas; you need to know housing construction and architectural styles; you need to know pricing and trends in the financial markets. Most importantly, you have to respect and like guiding people in a way that appropriate lifestyle choices are made. This is what I do and this what I love to do.
View Full Profile →
Discussion
No Comments At This Time
