Condominiums 101

What is a condominium exactly?

It refers to not the style of a property, but to the form of ownership. In a condominium development, each unit owner generally owns the 3-dimensional space inside the unit walls, along with an interest in common with all the other condominium unit owners in the "common elements". (Some typical "common elements" might include stairwells, balconies, sidewalks, parking lots, etc.) Sometimes condominiums are also referred to as townhomes. Some townhome owners are more likely to be responsible for a portion of the exterior maintenance.

There is usually also a percentage ownership interest in the "Common Areas". Common Areas are things like pools, clubhouses, green areas, tennis courts, parking lots, common fences, etc. that are available for use by all residents of the complex.

Each complex varies what the homeowners association is responsible for, so make sure you understand the communities regulations before purchasing.

Why own a condominium?

* You have less maintenance responsibility. Exterior maintenance and repairs are typically the responsibility of all of the unit owners, and are frequently handled by a professional property management company.
* A condominium often includes the use of recreational facilities. Condominium projects often have the advantage of included recreational facilities. Some common examples might include swimming pools, tennis courts and health club facilities.
* Condominiums are often the best "bang for the buck.". If the land cost is too high for single-family homes, a condo development can make it more economically feasible.
* Condominiums are often located near centers of employment and shopping.

We represent and protect your interests...

With The Reeves Team, YOU are represented! Our 25+ years of experience, knowledge, and reputation in the Columbus market work as strength and leverage on your behalf. We can help you find out if owning a condominium is a good choice for you!