Most people think of a condo as a patio home or an apartment. In reality, however, a condo can take any physical form. The term ‘condominium’ refers to a type of ownership, not the building. That being said, a condo can actually be a house. Confused yet?
With a condo, what you own and control varies according to the condominium rules. Generally, you own from the outside walls in. Which means, you are usually free to change the paint and carpet inside your unit but you cannot paint the outside of the building. The flip-side of that is that you also are not responsible for fixing the roof if it leaks.
Most condominium complexes charge a monthly maintenance fee. This is what pays for the roof leak and also repair and maintenance of the common areas which can include anything from a swimming pool to a park and sidewalks.
Bruce Moore, Realtor
ABR – Specialist in working with Home buyers.
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IRES – International Real Estate Specialist