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There is on one-size-fits-all condominium. Condos can be one level (known as a flat) in a low-rise, mid-rise or high rise building, or an attached or detached multi-level home.
Condominium actually refers to the form of ownership or the legal description of the property – how it is deeded. With the majority of condominiums, whether a flat or townhouse, you own the unit from the walls-in, and the legal description or deed designates the property as a condominium. When you purchase a condo it is individual ownership, like a single family home, but you only own the interior which includes walls, floors, fixtures, etc. Condo owners pay property taxes and insure only their individual home.
Condos have individual ownership but there will be shared ownership of common areas such as hallways, lobbies, parking structures, roadways, pools, playgrounds, community spaces, etc. Typically a homeowner association and often a property management company maintains the common areas. Owners pay a monthly assessment (homeowner dues) to cover the management fee, maintenance, master insurance policy, reserves for future repairs, utilities, common area property taxes, etc.
Townhouses sometimes blur the lines. Most are condominium ownership, but in some communities townhomes, whether attached or detached, can be deeded as single family homes. Depending on the governing documents of the community, owners may own the building and the land beneath the structure. In this case, depending on the legal description and governing documents, the owner may be responsible for the maintenance and related expenses for the building and the land.
Before purchasing a condo it is important to understand how the ownership is structured, whether there are regular monthly assessments, what those assessments cover and if a homeowner association and/or professional management company oversee the maintenance of common areas, limited common areas, building exteriors, amenities, etc.
Living in a condominium is different than a single family home. There may be some compromise on privacy and space, but condos generally offer a more maintenance free lifestyle. There are often sought-after amenities such as parks, pools, designated pet areas, sport courts, etc. that you wouldn’t have with a single family house. There may also be rules and regulations regarding exterior alterations, pets, parking, etc. If a low maintenance lifestyle is appealing a flat or townhouse could be the right home choice.
