ondos vary from single family homes. It is important for home buyers to know those differences before buying a condominium unit. This blog provides NH condominium details for first time buyers.
What Is A Condominium?
Condo is a form of property ownership. Condominiums are made up of 2+ units, with the interiors belonging to individual owners and common areas shared by everyone. Certain spaces, such as decks, may be considered common space but offered to a particular units’s exclusive use. A master deed details the ownership structure and other important information on the entire development. A unit deed provides information on a specific unit. Buyers should review both prior to purchasing.
The layout of a property does not identify it as a condo. Condos come in a variety of configurations. Some are converted multi-family homes and others are extensive complexes containing multiple buildings. Below are some common condo styles.
- Garden – Contains only one-level of living space.
- Townhouse- Contains more than one level of living area.
- Detached- Free-standing units.
- Duplex- Two units attached to each another, sometimes called a condex.
- Low Rise- A building with few floors and containing mostly garden-style units.
- High Rise- A building with many floors and typically serviced by an elevator.
Things to Know About Condominiums
A legal document titled the By-Laws details the condo management procedures. It is usually filed into public record with other relevant paperwork. It specifies the form and tasks of the Trustees. Their roles typically involve gathering monthly fees, enforcing rules, and controlling finances. Trustees can hire a professional management company to take over these responsibilities. Yearly meetings are scheduled to allow unit owners input and to approve finances and other matters.
Most condominiums have a recurring fee to gather funds for the cost of maintaining common areas. A specific portion is deposited into an account and saved for major maintenance jobs. Condo fees will change depending on the condo budget and anticipated costs. If the svaings are not sufficient for expenses, unit owners might incur a special assessment.
Rules and Regulations
All condominium complexes have pre-designated rules and regulations. They can dictate restrictions for common areas and sometimes also within individual units. They are created to maintain order and protect shared amenities for the benefit of all the owners.
NH Condominium Details For First Time Buyers
Local real estate brokers can help buyers compare different condominium complexes. Buyers must also consider hiring a real estate attorney to review and explain condo paperwork. By understanding the structures and rules of condos, buyers can make more better investments. This blog on NH condominium details for first time buyers was compiled by Customer Service at Accurate Title and is intended strictly as an overview. Contact Customer at 800-639-4405 or firstname.lastname@example.org for details on a specific condo