There are several things that you’ll need to consider before you buy a condominium. First off, you’ll need to understand that these units have the mixture of private ownership of the unit coupled with public ownership of the grounds surrounding it. As well, there are rules and regulations that must be adhered to, but on the other hand many people prefer the lifestyle to other alternatives. However, the inspection of a condominium involves some different aspects that you won’t find in other kinds of homeownership.
First off, you’ll need to understand that the word condominium does not imply a structural form as much as a legal one. Basically, the structure may be anything from a semidetached to a unit in a mobile home park. Whatever the style, a residential unit is specified and owned by an individual in a freehold or leasehold format. The first means that you own the title to the unit as well as a part of the property, and the leasehold means that you have lease on the property that can last as long as 99 years.
The part of the deal that you will own outright is called the unit in most places. There are many factors involved in the inspection and purchase of a condominium. The description of the common elements, and exactly what is included in your unit, will vary from place to place but it’s very important that you find out all your obligations and rights here. There are several other factors that will be included in any inspection that will speed along the purchasing of one of these units.
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For example, you’ll still need to pay property taxes. Each individual property is assessed by the municipality and you’ll be levied with a tax on any unit that you buy. The common elements generally have a property tax as well, but that is generally covered in your monthly maintenance payments. As well, there are generally maintenance payments that cover all the operating costs of the common elements and are adjusted accordingly for any increase or decrease in expenses. These are generally paid right to the condominium corporation and they often cover several different expenses that include the maintenance and repair of the common property and a contingency reserve fund.
There are other costs that are specific to a condominium and are covered by the maintenance payments. Insurance is one of these. Legislation in most places requires that the development carry sufficient insurance to replace common property in the event of fire or other kinds of damage. This insurance, however, does not cover the damage to the insides of individual units.
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