A condominium or a condo is a facility that is co-owned by separate individuals. As such, being a single building with many units, it also has some shared amenities. This includes things like the parking spaces, elevators, playing ground, swimming pools, and other things like hallways. Well, considering that everyone is entitled to using these facilities, there is a management set to ensures they are maintained and used properly.
Difference between condos and apartments
Structurally, condos and apartments look almost identical. Legal affairs draw the main disparity between these two housing units. In this regards, condos are owned by different owners while apartments are owned by the developer. As such, the developer only rents and does not put the units up for sale. Without looking at the ownership details, these two properties might not have many differences.
As previously highlighted, condos are a collection of individually owned homes that share common facilities. Most of these facilities are located outside the units. Considering that these amenities are held in undivided areas, there should be a management tasked with the responsibility of ensuring everything runs smoothly. Ideally, the management does not own these shared spaces and facilities. Instead, it holds them in trust for the tenants.
Condo rules and covenants
Every detail about the terms of ownership of a condo is often defined by a document known as the master deed. As such, most rules governing the facility are often laid out as separate by a set of by-laws. The contents or nature of laws in the master deed varies significantly. Some rules might be too restrictive for some people, or they might be too relaxed to appoint that some owners feel disenfranchised. Therefore, it is advisable to go through every law and make sure you are comfortable before purchasing a condo.
Can you lease your unit?
Again, this depends on the rules governing the condominiums. Some people buy condos with intentions of renting their space to their tenants. Moreover, you also need to consider the possibility of using it for non-residential purposes like having them as offices, lodging, stores, or for retail business. Therefore, if you are buying it with no intentions of moving in, you need to ensure that the Leasing rights allow you to rent your space.