Ownership?
Which
type of Ownership is right for you?
There are several distinct types of ownership available. It is
very important to understand the differences and entitlements
involved with each type of ownership.
Single Family Homes
The owner owns the house and the grounds. Single family
homes offer the most privacy and freedom of choice of any type of
home. Homeowners are free to decorate and renovate as they please.
They are also responsible for all the maintenance both indoors and
out.
Condominium
The homeowner owns the unit and shares in ownership of common
elements. Condominiums are usually apartment buildings, but also
include townhouse developments and developments of detached
buildings on private roads.
The homeowner is responsible for the interior area of the unit
(everything from the plaster in). The condominium association is
responsible for the up-keep of the exterior of the building, common
interior elements (halls, elevators and parking garages, for
example) and the grounds. All condominium owners pay a monthly fee
to the condominium association to cover maintenance costs and common
utility fees and taxes. Condominiums often have strict rules
regarding noise, use of common areas, and renovations to units.
Condominium residents often enjoy less privacy than residents of
detached homes but usually are less expensive than single family
homes.
Co-operative- Co-operatives (or co-ops)
Similar to condominiums but instead of owning your unit, you own a
share in the entire building or complex. Co-op residents pay for
maintenance and repairs through monthly fees and are subject to the
rules and regulations of the co-op board. If you decide to sell your
shares and move out, the co-op board has the right to reject your
prospective buyer.
Knowledge and Experience You Can Trust When Buying or Selling Your
Home!
- Sharon Armstrong, GRI.
