Understanding Condominium Associations can be confusing. When Buying or Selling YOUR Condo, be sure to select a TOP Local Real Estate expert.
Condominiums are unique properties in that they allow the buyer to purchase an area of space within a building that he does not actually own. The owner of a condominium is therefore liable for maintenance and repairs on the inside of his condominium, but the maintenance and repairs to the outside of the building and surrounding grounds is the responsibility of the governing association.
Condominium associations charge monthly fees for maintenance and repairs to the building and grounds, and decisions are voted on by the association members (condo owners). This means that the purchaser of a condominium does not have absolute authority concerning his purchase.
Another factor to evaluate when considering the purchase of a condominium is your specific reason for making the purchase. Purchasing a condo is usually a good option if you are currently renting an apartment or house and you want to use YOUR money to build equity in a property you hope to later sell. This allows you to develop ownership interest in the property for a price that is usually comparable to apartment rent. Purchasing a condominium might also be a good option if you are unable, or unwilling to properly care for a home.
Condominiums owners typically enjoy access to well kept grounds, swimming pools, conference rooms, and common areas. The individual owners are not responsible for maintaining these amenities, but rather pay for the maintenance in the monthly association fees. This often makes condo purchase very attractive for individuals and families who are unable, unwilling, or too busy to maintain a home.
Ask us anything about Buying or Selling YOUR Condo in the Manatee County and/or Sarasota County area. It's completely FREE and we will respond quickly in a timely matter. We want to help you. That's our GUARANTEE!