Condos are much different than single family homes. It is helpful for buyers to know those differences before purchasing a condo unit. This blog provides Newburyport condo overview for first time buyers.
What Is A Condominium?
Definition of a Condominium
Condo is a type of land ownership. Condos contain 2 or more units, with the interiors belonging to specific owners. Unit owners maintain joint ownership in common areas. Certain spaces, such as patios, may be considered common space but only one owner has exclusive right to use it. A master deed details the ownership structure and other relevant information on the entire complex. A unit deed details information on a specific unit. Buyers should read both prior to buying a unit.
Unit Styles
The layout of a property does not identify it as a condo. Condos come in vary in layout. Some are converted multi-family buildings and others are major complexes encompassing multiple structures. The following are a few popular condo styles.
- Garden Consists of only one-level of finished area.
- Townhouse Consists of more than one level of living area.
- Detached Free-standing units.
- Duplex Two units attached to one another, also known as a condex.
- Low Rise A building with few floors and consisting of primarily garden-style units.
- High Rise A building with many floors and usually containing an elevator.
Things to Know About Condominiums
Condominium Management
A document called the By-Laws outlines the condo management procedures. It is normally submitted into public record with the master deed. It outlines the structure and responsibilities of the Trustees. Their responsibilities often include collecting monthly fees, enforcing rules, and managing finances. Trustees may involve a professional management company to assist with these tasks. Annual meetings are held to give unit owners input and to approve finances and other matters.
Recurring Fees
Most condos have a monthly fee to cover shared expenses. A specific percentage is put aside into a reserve and saved for major maintenance issues. Fees can go up or down depending on the condo budget and planned expenses. If the funds are less than the amount needed for expenses, a special assessment may be charged to the unit owners.
Condominiums and Regulations
All condominium complexes have a set of rules and regulations. They may outline what unit owners can or cannot do in common areas or even within their personal units. They set out to maintain order and preserve shared amenities for the benefit of all the owners. There is no standard set of rules – they vary for every complex.
Newburyport Condos for Sale
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Newburyport Condo Overview For First Time Buyers
Local real estate professionals can help buyers compare different condo complexes. Buyers must also think about having a real estate attorney review paperwork on their behalf. By understanding the structures and rules of condominiums, buyers can make more educated investment decisions. This blog on Newburyport condo overview for first time buyers was compiled by John Wells at Wellsco Realty and is intended merely as an overview. Contact John at 978-518-1481 or teamjohn@johnpwells.com for details on a specific complex.