as an owner of a Condo, do you really own the land on which your home is built? how often do they increase the maintenance fee?
2007-09-12 06:43:54 · 11 answers · asked by di_cassano 4 in Business & Finance ➔ Renting & Real Estate
As an owner of a condo, you only own your unit. As an owner of a house you own everything. and you take care of your land too - you need to landscape your front yard and backyard or if already landscaped, you have to maintain it and make sure that it will look at least reasonably nice just like your neighbors so that you will devaluate your neighborhood. Other homeowner doesn't have the etiquette of living in a house - you will know who those are in your neighborhood by looking at their property - junk cars parked on their side of the street - not mowed lawn all year round, doesn't have nice landscaping, junks in their backyard, looking like poor.
Houses are always spacious and have more than 2 bedrooms. Regular house has 4 bedrooms - these houses are a good house to buy for investment because they are appreciate a lot compare to 3 bedroom ones and 2 bedrooms houses.
Condos are good if you are single with high income and want to stay single for a long time. Also if you are starting a family with no kids yet - but as soon as you are on your way of becoming a parent - you will automatically feel the need on buying a 4 bedroom house in a very good neighborhood and good community.
2007-09-12 06:58:34 · answer #1 · answered by earth angel 4 · 0⤊ 0⤋
As an owner, you do not own the land. You are also restricted by rules given by a condo association board. How often they raise the maintenance fee usually varies. But you can almost count on it if something unexpected happens that can affect an entire condo building. For example, in FL, there are hurricanes. Because of hurricanes back in 2004 and 2005, there are a lot of condos down here in which they have to pay an increase in maintenance fees, because of hurricane windows. Condos can even charge you more than the association fee to pay for any improvements they do.
2007-09-12 06:54:00 · answer #2 · answered by R_Mev 2 · 0⤊ 0⤋
square footage is definitely not the issue, because I have seen many condos for sale that are upwards of 2,000 square feet or more, especially in the urban and downtown areas. The main difference between owning a condo and owning a house is that with a condo, you own the space you live in plus the interior of the walls, however you still have a landlord that may be responsible for repairs and maintenance. Living in a condo is like owning the apartment you live in, because a condo is pretty much an apartment you can own rather than rent. With a house, you own the house and the land that this property sits on, and you are responsible for all repairs and maintenance.
GENERALLY, houses are larger and condos are smaller, however there are many exceptions to this rule.
2007-09-12 06:53:32 · answer #3 · answered by Heart of Fire 7 · 0⤊ 0⤋
a condo is more like an apartment. there are several in the building. you buy the condo, plus pay a maintenance fee. I don't know how often it is raised. you don't own the land. you own the condo. if you need to have something repaired, you can call a maintenance man to come and fix it. if you lived in a house, you would have to hire someone to fix it.
2007-09-12 06:51:30 · answer #4 · answered by wendy_da_goodlil_witch 7 · 0⤊ 0⤋
You don't own the land, just the condo itself. That's why you can't put up a fence, they don't allow you to tie your dogs out and just leave them there, etc - you just don't own the land.
They have to vote on an increase in maintenance fees, they need like 2/3 vote to get it to pass though, so I think that varies by unit. Just an FYI, HOA's are usually a hassle to deal with. You pay huge fees to them and they give you a hassle about EVERYTHING!
2007-09-12 07:24:06 · answer #5 · answered by Roland'sMommy 6 · 0⤊ 0⤋
Of course with a single family home you own the land the house sits on. When you own a true condominium, you own a unit and share the common grounds, and maintenance can go up when necessary. Depends on the reserve account of the complex. If you own a true Co op you only own shares of stock.
2007-09-12 06:52:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
the main difference is the sq footage.
your maintenance fees are included in your HOA monthly payments, and you would need to read your documentation to see if there is any mention of increases. Other than that, in my experience increases are voted in at association meetings.
you do not own the land the condo sits on, because condos are basically glorified apartments.
good luck :)
2007-09-12 06:50:06 · answer #7 · answered by Blue October 6 · 0⤊ 2⤋
When you own a house, you own the land and the improvements on it.
In a condo, you can either own both the house, the yard and the land, and a prorated portion of the common space or the house and only the land it sits on, the prorated common space, or just the house and the prorated common space.
2007-09-12 06:54:23 · answer #8 · answered by patrick 6 · 0⤊ 0⤋
a condo is more like an apartment. but with ammenities to share (pool, spa, gym, patio, laundry, swimming pool,
health club facilities, party rooms, Playground ...)
when sharing the expenses everything is more cheap than in a house ( it thinks about the maintenance of a swimming pool, for example)
I love condo´s lifestile
Apartmet or condo?: they can vote this survey?
http://real-estate-for-rent.blogspot.com/2007/07/los-angeles-ca.html
Good luck!
2007-09-13 07:24:32 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Condo. you do not own the land underneath the condo. Townhomes you do. Increases usually happen yearly.
2007-09-12 06:57:14 · answer #10 · answered by Bob D 6 · 0⤊ 0⤋