What's a difference between owning a condominium and a house?

Answer 1

A condo is normally in a development of other condos - etc. Normally you can also lease them I think. They are generally not as large and can be upstairs, downstairs

Answer 2

When you buy or lease a condo, which can be either a house or an apartment, you're owning it "in condominium." This essentially means that although you own the right to occupy the space there, you don't own the apartment or house itself, and can't make any significant changes without prior permission, like renovating or construction. There are also usually a condo charter filled with a bunch of stupid, annoying rules.

Answer 3

A condo is a lot easier to maintain than a house, and usually cheaper on taxes. But condos usually have less rent income potential.

You may be able to convert a 2-BR house into a legal 4- or 5-BR and receive more rent than you originally could. But it's very hard to do this with a condo. You are lucky if you are allowed to convert a 2-BR condo into a legal 3-BR. For re-zoning you'll have to check with local regulations for details though. It's just an example.

Answer 4

condo:
-like an apartment: 1)no yard/land...just balcony, can be small. generally one story, but can have multiple floors. 2) walls r shared...no land in-between u and a neighbor...usually have multiple units in one building. 3) parking- either underground parking structure or carports or parking lot...very rare to have roll-up door garages.
-association fees: there always is an entity overseeing ur common grounds...such as the hallway, trash, the peripheral land around the building, etc. they are also responsible for repairs to the exterior of the building (such as the roof). they would also be responsible for the maintenance of any shared facilities...such as the swimming pool or gym in ur building.
houses usu don't have association fees, unless it's part of a gated community (for the guard/security cameras) or if there's a community pool...usually the association fees are not that high <$100. condos will range from the hundreds to $1000. (but anything >$400 is starting to be considered high)
-since the association oversees the exterior/common grounds, u can't make changes to them without approval. also there may be some rules for u to follow depending on the building/association...such as the number & kind of pets u can have, what u can have on ur balcony (such as no hanging laundry), etc.
-generally easier to rent out than a house...of course this depends on the location and housing market conditions.
-re-sale value: some don't appreciate the same % as houses...highly affected by location & housing market conditions.
-cheaper than the houses in the same location, which also means the taxes r less for condos, since property tax is calculated as a percentage of the sales price.

house:
-ur responsible for everything (exterior & interior)...more freedom to do what u want to do.
-there's space between u and the neighbor...or maybe u share just one wall with the neighbor.
-maintains its value better.

Answer 5

In a condominium you own and maintain only the interior of your condominium unit. A membership association, of which you are a voting member, owns and maintains the exterior, the grounds and all the common amenities such as swimming pools, exercise rooms, parking lots, landscaping, etc. The management of the association is by a board of directors elected by the members. They may hire staff or contract out work such as lawn mowing, pool cleaning, etc. You pay a monthly maintenance fee for the amenities, repairs, exterior insurance, and to accumulate a reserve for major replacement items such as roofs, painting, etc. You may also have exclusive use of "limited common elements" such as assigned parking spaces & outside patios. The association adopts rules regarding amenity use, parking, noise, pool use & use & access of common elements & pet ownership. There are often significant restrictions on leasing out units. You can sell your unit at will -- tho the association may have the power to block sale to a demonstrably unfit owner & may require interviews of prospective purchasers. There are LOTS of rules & regulations in most condos. Make sure to read & understand them; understand what fees & maintenance charges are involved (they tend to increase every year to cover increased costs) & inquire as to any contemplated special assessments for repairs or insurance that you may be buying into before you sign a contract to purchase a unit.

Answer 6

the diffrence is that for a house u have to take care of the outside by urself and with a condo u pay an hoa witch goes toward the outside of the house and an condo is just a nicer apartment and u will eventualy own a condo with an apartment u will just keep paying rent.

Answer 7

A condo is like an apartment.

Answer 8

the fact that you pay to have someone mow your lawn instead of mowing your own .. ha ha

Answer 9

*Close Neighbors_ real close