There are many benefits to choosing the condo lifestyle. For example, you won’t have to worry about mowing the lawn! A condo lifestyle includes the luxury of not worrying about maintaining the exterior of your condominium because that is managed by the owner’s association. In other words, the condo lifestyle is all about low-maintenance living. Let’s explore what this means by answering commonly asked questions about condos.
What is the definition of a condo?
Good question. When we say the word “condo” or “condominium,” most people think of tall buildings spotted with balconies in an urban area. It is true that some condominium complexes are like that, but not all. The official definition of a condominium is “individual ownership of a unit in a multi-unit structure.” This means that condominiums are multiple units owned by different parties with common ownership of land. There are no other requirements!
Does that mean there are different types of condos?
Yes! Condominiums come in all different shapes and sizes. For example, condos can look like single-family homes with their own driveways but are attached to other units. You can find this type of layout at our Greenwich Walk at Foxcreek community. They can also be in two- or three-story buildings like our new Quarterpath at Williamsburg Condos. As long as there are multiple units with common ownership of land, they qualify as condos.
Who manages a condo?
When condominiums are stand-alone buildings, owners of individual condo units establish what is known as a Common Interest Community Board or a Condo Board. Members of the Board are elected by a vote from condo owners and serve without compensation. They are responsible for the management and operations of the condo’s business affairs including maintenance of common spaces.
However, if the condo is located within a master-planned community, the homeowner’s association is usually responsible for the management and operations of common spaces.
What defines a common space?
Common spaces in a condo include the roof, exterior siding and landscaping around the condo. Given that this is a common ownership structure, these common spaces are maintained in a uniform way that is consistent with the Board or homeowner’s association’s bylaws. That means that you won’t ever have to worry about personally replacing your roof, painting your home, or mowing the lawn ever again. The cost for this work is paid for through an assessment.
What is a condo assessment?
Excellent question. Condo assessments vary by community, but they are typically billed monthly. These fees cover the many services the Board or homeowner’s association must undertake to manage and maintain the condominium complex. Living in a condo community with a Board or homeowner’s association provides peace of mind as it ensures not only a well-managed community but also maintains home values.
At HHHunt, we believe it’s how you live that matters, and we hope you find this information helpful in understanding the difference between a condo versus a townhome versus a single-family home. Explore our award-winning new home communities in Richmond, Williamsburg, Hampton Roads, and Raleigh. Subscribe to our YouTube Channel for more content like this, as well as video tours, helpful tips and more.