What Makes It A Condominium?
A condominium is basically a unit in a duplex, a townhouse, or an apartment, but with special ownership rights.
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How does a condominium differ from other multi-unit buildings?
Condominiums are a bit of a special breed when it comes to the multi-unit family. Condos look exactly like an apartment or townhouse, meaning they are part of a larger unit, but you can buy them just like a house. You own and can change, everything between the walls of your unit making you the landlord. As long as it doesn’t interfere with your neighbors, and it is safe, you are free to do it. You will have to pay for things like repairs and such, however, just something to remember.
Pros and cons of living in a condominium.
The control that we mentioned earlier is the biggest pro for people who live there. However, there are quite a few people that also love the fact that they don’t have to worry about taking care of a yard or the outdoor maintenance of the building.
A Condominium Inspection is a visual, non-invasive inspection of the various systems and components in the Property, The Inspection is Not to identify the normal wear and tear to re-negotiate the purchase contracts. The purpose is to identify material defects and the condition of the condominium. Material defects include structural, life and safety defects or defects that may be expensive to remedy.
This Inspection is also to inform Existing Home Owners and First Time Investors of some of the Operational and Maintenance Considerations of the Established Property.