Part III:
This addresses the "exclusive use" of certain spaces such as the balconies, parking, storage spaces and driveways. Be aware of the restrictions to these areas prior to buying. I have a rental unit in a resort town and the restrictions on the balconies are severe. My tenants kept storing beer bottles & winter tires on the balcony...resulting in hefty fines.
Fiorina
www.espo-estates.com
Sunday, November 16, 2008
Monday, November 10, 2008
The private parts...of condominiums that is.
Hello again,
today I want to talk about the two parts that that make up a "condominium". The first is the UNITS which are owned/registered by the purchaser. The second part are the COMMON elements, otherwise known as the common areas that all the residents share. Examples would include the lobby, halls, elevators, rec rooms... Ownership of the COMMON elements is shared amongst all the unit owners who contribute via condo fees for the operation, maintenance & ongoing replacement of the elements. When purchasing a condo it's important to be aware of what's your sole responsiblility & what's a collective responsiblility. Your condo fees will reflect a building that may have an exercise room or a party room. If these COMMON elements are of no interest to you, best to search in another building where the condo fees don't include such extensive common areas.
Fiorina
today I want to talk about the two parts that that make up a "condominium". The first is the UNITS which are owned/registered by the purchaser. The second part are the COMMON elements, otherwise known as the common areas that all the residents share. Examples would include the lobby, halls, elevators, rec rooms... Ownership of the COMMON elements is shared amongst all the unit owners who contribute via condo fees for the operation, maintenance & ongoing replacement of the elements. When purchasing a condo it's important to be aware of what's your sole responsiblility & what's a collective responsiblility. Your condo fees will reflect a building that may have an exercise room or a party room. If these COMMON elements are of no interest to you, best to search in another building where the condo fees don't include such extensive common areas.
Fiorina
Sunday, November 9, 2008
What's "condominium" really mean?
For years I thought a condo was a physical structure, an apartment that one could own. Wrong! It's actually a form of legal ownership, not a style of construction. This includes townhomes and possibly some individual homes. Several factors surround this. It's important to note for a friend of mine recently purchased home owners insurance for her new townhome. Not knowing that her responsibility excluded the exterior of the home, she had coverage for the roof & every other outside element. Yikes! That's money being burned & in these tough economic times we've all got to be financially savvy.
I'd love to hear other blunders around the word "condo" (yes even if it's a confusion with the term condom...an error I made as an adolescent).
Fiorina at
http://www.espo-estates.com/
I'd love to hear other blunders around the word "condo" (yes even if it's a confusion with the term condom...an error I made as an adolescent).
Fiorina at
http://www.espo-estates.com/
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