Condos not the same as single family properties. It is helpful for buyers to learn those differences before purchasing a condominium unit. This blog offers Southern NH condo explanation for first time buyers.
What Is A Condo?
Condominium is a type of property ownership. Condos contain 2+ units, with the interiors individually owned and common areas mutually owned by all. Some areas, such as patios, may be considered common space but only one unit is given exclusive rights to use it. A master deed describes the ownership particulars and other important facts on the overall development. A unit deed provides information for a specific unit. Buyers should see both before purchasing.
The style of a unit does not identify it as a condo. Condominiums are created in all shapes and sizes. Some are transformed multi-family buildings and others are major complexes with multiple buildings. Below are some popular condo styles.
- Garden Contains only one-level of finished space.
- Townhouse Consists of two or more levels of finished space.
- Detached Free-standing units.
- Duplex Two attached units, sometimes called a condex.
- Low Rise A building with a few floors and containing mainly single level units.
- High Rise A building with many floors and typically containing an elevator.
Important Facts About Condos
A legal document titled the By-Laws provides details on how the condo should be managed. It is typically recorded into public record with other related documents. It specifies the structure and responsibilities of the Trustees. Their roles commonly entail gathering condo fees, enforcing rules and regulations, and controlling finances. Trustees may hire a professional management company to assist with these tasks. Yearly meetings are scheduled to allow unit owners input and to review finances and other matters.
Most condominiums have a monthly fee to cover shared expenses. A certain portion is put aside into an account and saved for expensive maintenance issues. Fees will go up or down based on the condominium budget and upcoming costs. If the savings are less than the amount needed for expenses, unit owners will be responsible for a special assessment.
Rules and Regulations
All condominium complexes have a set of rules and regulations. They dictate universal rules and restrictions. They are meant to maintain order and protect shared amenities for the interest of all the owners.
Southern NH Condo Explanation For First Time Buyers
Local real estate professionals can help buyers assess different condo complexes. Buyers must also think about hiring a real estate attorney to review and explain condo documentation. By understanding the structures and rules of condos, buyers may make more secure investments. This blog on Southern NH condo explanation for first time buyers was compiled by Sharyn Kelley at Suburban Realty Inc. and is meant merely as an overview. Contact Sharyn at 603-668-5757 or firstname.lastname@example.org for information on a particular condo.