What is simple definition of a condominium?
Filed Under Blog, Portland, Vancouver · Tagged: buying a home, Portland Homes, Portland Realtor, Vancouver housing prices, Vancouver Realtor
Condominiums come in many shapes and styles. So when shopping keep the following in mind.
A condominium is a collection of individual homes (Townhouses) or “apartments” In all actuality, the entire complex is the condominium and each living space is a unit of the condominium. But we have come to call each unit a condo.
Individual home ownership within a condominium is ownership of only the air space confining the boundaries of the home. Typically these boundaries will include the drywall surrounding a room, allowing the homeowner to make some interior modifications without impacting the common area.
Anything outside this boundary is held by the homeowner’s association which was established at the time of the condominium’s creation. And it is that Homeowners Association that is responsible for the upkeep. This upkeep of the landscape and buildings along with the amenities are paid for by Homeowner’s Association fees.
For many young professionals and retirees this is the choice of lifestyle. It is a much more carefree style of living with no worries about any outside maintenance concerns or costs and the advantage of many outdoor activities such as swimming and sometimes golf courses.
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