Real Estate Term of the Day: Condominium
CONDOMINIUM – a system of ownership of individual units in a multi-unit structure, combined with join ownership of commonly used property (sidewalks, hallways, stairs, and other COMMON AREAS) (Barron’s Dictionary of Real Estate Terms)
A condominium complex can offer a more affordable housing opportunity in highly dense areas and is perfect for homeowners that don’t want the responsibility of the exterior maintenance that a single family home requires. Owners of a condo do not own the walls of their unit, but have the rights from the paint in and basically own the air space of the unit.
Don’t be fooled, a condo can look like a town home (or row home). The differing factor of a condo vs a town home is based on the type of ownership and not the aesthetics of the unit. One of the easiest ways to tell if a property is a condo or a town home is to look at the address. If the address has a unit number it is most likely a condominium. It is very hard to look at a unit and know if it is a condo or a town home (see below a picture of a townhouse-style condo).
Confused? Contact me if you would like me to explain this concept in-depth!