FAQs about condos

People often get so confused between town homes and condo that they use the two terms interchangeably. These questions below will let you better differentiate between condo and town houses.



Describe a condo briefly stating the highlights.



A condominium ("condo") provides for ownership of a single unit in a multi-unit project, together with ownership of an undivided interest in the Common Elements (the areas and facilities shared by all of the owners such as the lobby, elevators, hallways, mechanicals, parking, etc.). If it is built around the other property it doesn’t necessary means that it is a condo. The way it is attached with the other property is what matters. A condo is attached to other property at least from one side, top or bottom. If it is attached from one or more sides then it is a town house

.

Do you own the land under your property, as well?



In case of a town home, the owner also owns the land under, as well as the air space over the house. Condos are totally different from these houses. A condo owner own his/her condo only, rest is shared by all the community. When you buy a condo you don’t own the land on which it sits on but offer amenities like gym, pool, golf course, shopping center, etc.



Town homes, the owner owns the land under the home as well as the air space over it. When you buy an independent home with it you have to pay a lot of taxes. In case of a condo you might have to pay a just a little extra, as maintenance cost or for the facilities like swimming pool, health center etc. However, once you buy a condo all the maintenance is handled by the condo association. This condo association is a regulatory authority that sets certain rules that have to be followed by all the condo dwellers.



What are the different types of condos?



There are basically 3 types - mass market, mid-market and the high-end condominiums. These can be distinguished on the basis of pricing, area covered, facilities provided, etc. A mass market condo starts from $600 psf, whereas a mid-market are priced above $800 psf and the high end can be anywhere between $1000 to $3000 psf. The price can obviously vary according to the location.

Which is the best place to buy condos?



New-Home-Store is a place to buy the best condos. They have communities like Bridgeview at Temp Town Lake and Pinnacle City Park South which offer luxurious condos with a breath taking views. The private balconies of these condos offer you panoramic sites. It does not stop just here; you get facilities like on-site gym, spa, hiking, etc.



Myself Kate Williams a home expert provider has written many articles on Bridgeview at Temp Town Lake and Pinnacle City Park South.