Do you understand condo living? Part 1: What is mine?

By
Managing Real Estate Broker with Full Circle Property Management

So you are thinking about buying a condo, or you own one now? So what is yours? What is not yours? 

Condos generally have 3 parts or types of property: Unit, limited common area, and common area. Based on the type of area determines what is yours or not yours. Here is a short, basic explanation of each type:

UNIT is all that stuff inside your unit that serves only your unit-thats the key! Electric lines that connect only to your unit-even if outside like outlets on your patio, would be yours! Attics, crawl spaces, doors, windows-generally belong to you. Kitchen cabinets, carpet, plumbing fixtures-all yours. 

 

COMMON AREA: Generally outside, all those things that you own a small share of-things like roofs, ponds, playgrounds, siding, driveways, etc. You pay a share of all expenses for these items based on how many condos in your community. If there are 100 condos and there is a $100,000 roof repair needed, your share is $1,000 

 

LIMITED COMMON AREA: Most confusing of the condo parts, this is an area of the condo that still belongs to everyone but you get exclusive use of it. Think patio or fenced back area-still belongs to everyone but only you can use it! 

 

Stay tuned for part II

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Rainmaker
3,548,205
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Good morning, Dennis - condo living and ownership can be confusing to some. the more accurate information that is "out there" benefits many.  

May 12, 2019 06:49 AM #1
Rainmaker
330,012
Dave Rosenmarkle
Highland Realty - Arlington, VA
32 years of providing fully satisfying service!

I agree with Michael. Most new condo buyers are clueless about the advantages and unknowns when living in a condo.

May 12, 2019 07:46 AM #2
Rainer
561,550
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Condos have limited ownership rights!

Condos generally have 3 parts or types of property: Unit, limited common area, and common area. Based on the type of area determines what is yours or not yours

 

May 12, 2019 08:14 AM #3
Rainer
64,592
Leif Price
Chirpy Home - Portland, OR
Blogger at Chirpy Home

Sometimes, they do not understand living in a condo means and what is like. It can be great to some but not all the time.

May 12, 2019 06:52 PM #4
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Rainer
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Dennis Swartz

MBA, GRI...experience counts!
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