Condo - what is a condo

Discussion in 'Fibromyalgia Main Forum' started by Rosiebud, Oct 5, 2005.

  1. Rosiebud

    Rosiebud New Member

    I was wondering what a condo is, as in Micki's post so I looked up.

    The picture I got was of high rise flats, is that what a condo is then?


  2. dontlikeliver

    dontlikeliver New Member

    They are like nice, upmarket terraced houses, usually in 'estates'.

    You buy them and usually then pay maintenance on the property for maintenance of property and surrounding area.

  3. 69mach1

    69mach1 New Member

    are basically like apartment's or townhomes. there is a condomium fee for the upkeep of there common ground areas shared by other neighbors to take of lawns, pool area, outside of the building, and sometimes the water.

    you are responsible for upkeep of the inside of your home. you own the apartment or townhouse so you are paying a monthly mortgage loan and taxes.

    you can write off your taxes paid on the mortgage and interest rates. you can sell it like it was a house.

    apartment buildings have been converted to condos. owner of the building can sell the apartments and they will no longer be owning the building. it is sold to individual home owners. you can not write off the condo fee from your taxes.

    so this should give you an idea what a condo is.

    they are very common in the metropolitan areas. and they don't have to be high rises in influent areas. they can be. it's basically a way to own your very own home w/o having to take care of anything on the outside of the building.

  4. Mikie

    Mikie Moderator

    Down here, retired people love living in condos because they are free from outside upkeep and yard work. Where I live, there is a very nice large swimming pool and tennis courts. When I moved down here, I didn't play golf so I decided not to move to a condo community with a golf course. The fees are higher to keep up the course.

    The cost of condo living is skyrocketing down here as insurance and fees continue to go up. It is now very expensive to buy condos which are nice. I live in a two-story bldg. with eight units. My neighbors are very nice and my condo is very attractive. Mine is a three-bedroom but two bedrooms are more the norm.

    Rich Baby Boomers are buying retirement condos down here and driving up the prices. Luxury high rise condos are going up everywhere. Some sell for more than five million dollars.

    I love living here and it is going to be a difficult decision whether to stay or move closer to my grandson in GA. I highly recommend condo living for anyone who doesn't want outside upkeep. It offers all the benefits of home ownership financially and, unlike renting, you build equity. Of course, living close like this requires cooperation, but I have developed nice friendships with my neighbors.

    Love, Mikie
  5. Rosiebud

    Rosiebud New Member

    I understand now.

    wow $5million for an apartment - must be pure luxury.

    Sounds like a nice place you're living in Mikie, nice neighbours and everything taken care of.

    It will be a hard decision for you Mikie but you're a long way away from that wee bundle of joy.

    love Rosie

    [This Message was Edited on 10/06/2005]
  6. dunnlb

    dunnlb New Member

    A building or complex in which units of property, such as apartments, are owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners.
  7. Mikie

    Mikie Moderator

    In our little village, some of the townhome owners own the land their townhomes are on and some do not. When I lived in CO, all the units were one assn. Here in FL, it is more common to have each building or townhome courtyard be its own assn. and we all belong to one master assn. which oversees the grounds, tennis courts, parking, and pool.

    I prefer one big assn. as there is more cohesiveness in how things are done. We have one townhome assn. who doesn't enforce their own rules and they are a pain in the neck with which we all have to contend.

    Before buying a condo, be sure to check the condition of the property in the whole place, read the rules, and check the financials to ensure there has been adequate reserves in place for things like replacing roofs, repaving the parking areas and streets, and other large capital expenditures. Otherwise, you could move in and have some big assessments.

    Condo villages and buildings are non-profit businesses and must be run competently. Most hire management companies to advise the board of directors which may or may not be made up of people with good sense and business experience. I served on two boards in CO but have not down here. This board has been mostly made up of people who are inept, argue all the time, and basically get nothing done. Anyone who tried to do things right usually ends up resigning in disgust or not running again. If I move, I won't miss that.

    Love, Mikie
  8. Rosiebud

    Rosiebud New Member

    thats like this, a condo village.

    We have housing associations but they own the houses and rent them out. Private owners here have to take care of everything themselves. Could be wrong though.

    Sorry Mysticbrit that you have to move when you love where you live, I hope you find a lovely little house.


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