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Condominium (condo)
A building or housing development where each person owns his or her unit and shares ownership of the common areas Owning a condo is very similar to owning a house; you have a separate deed and mortgage, and pay property taxes on your unit. The major differences are: (1) you have a joint ownership of the common areas, including the land itself, staircases and swimming pool; and (2) you have to pay monthly dues to cover maintenance and repairs for the facilities that you share with everyone else, such as garbage collection, lighting in the hallways and landscaping.
Condos also follow a set of strict rules called covenants. It's a smart idea to read them before buying a condo. Also, ask for recent reports that outline future plans for the condo, which might impact your dues.
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Characteristics |
Condo |
Co-op |
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1 |
You have a deed and pay your own property taxes. |
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2 |
You own shares of the corporation that manages
the building. |
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3 |
You pay monthly fees and special assessments to cover repairs and improvements. |
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4 |
You have a say in how the condo is run. |
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5 |
You need special permission to make physical changes to
your unit. |
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6 |
You pay a portion of the mortgage and property taxes for the entire building. |
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