Definition Of A Condo
Definition Of A Condo
The Merriam-Webster Dictionary definition of a condominium : Individual ownership of a unit (As an apartment) in a multi unit structure. Yes, I looked it Up.
You do not want to make monthly rental payments yet you are not quite in a position to purchase a house or are looking to downsize. Maybe your looking for a San Diego Vacation Home to get some relief from that cold or heat. What residential housing options does one have?
Buying a San Diego condominium usually the best solution to this common situation which arises among young professionals, empty nester’s, divorcees and those interested in obtaining property within an urban market.
An abbreviated form of the word condominium. the term condo has evolved over time to reflect a third force in the housing market, falling somewhere between renting an apartment and owning a home. The term “Condo” encompasses many types of real property…town home, duplex, high rise, low rise, lofts, PUD and free standing.
What exactly is inferred by the phrases buying a condo or going condo? Well, basically these indicate the property owners have made apartments or vertical subdivision, i.e. townhouse or lofts in their buildings available for purchase. Hence, they are giving the purchaser the opportunity to own his living quarters while sharing in the expenses to maintain the common areas.( You basically own the space within the walls of your condo. Generally you have the option of improvements within the walls of your condo. Owners maintain upkeep within the walls while the Association maintains the outside)
Requirements of becoming a condo owner include down payment, verification of income/employment (same as credit check), approval by members of the governing condo board and payment of a monthly Home Owners Fee. This fee, pooled with those from all the other owners in the building, goes toward covering costs incurred in the maintenance and repair of such common areas as: hallways, entrances, elevators and pools and spas.
Once property has been purchased, the owner is then granted admittance to the condominium Home Owners Association (HOA), the governing body which regulates the operations/maintenance of the buildings under its jurisdiction. This group regularly convenes to elect a board of managers empowered with the authority to hire and fire employees, pay bills for common expenses such as common area maintenance, roofing, upkeep and repairs.
The condominium concept is also necessarily based on close to full occupancy of the structure and a reasonably harmonious group of owner-tenants with relatively comparable housing needs and standards
Typically the benefits association with owning your own home include: investment, tax savings, stable monthly housing costs, forced savings, freedom and individuality and additional space.
If you want comfortable living, with many amenities, little maintenance, and a close-knit community of neighbors, than you might be interested in San Diego condos. Condo living offers all these benefits without the responsibilities that owning a single family home can bring.