Its often said that buying a condominium is buying a lifestyle. What does that mean?
Condominium living is different from owning or renting a single dwelling or apartment, because condos have a dual nature. Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies, pools and hallways) that makes up the condominium. There are many advantages to condominium ownership. It may be less expensive than other types of home ownership. It can provide an “instant” sense of community. While someone else is shoveling the snow, you can participate in community decision-making. But condominiums are not everyone’s cup of tea. Condominium associations may set restrictions on such things as owning pets, or having an outdoor grill. Making the fine print clear Some new condo owners say they don’t know what they’re getting when they buy a condominium. Be sure to read the condominium documents, or better still, have your attorney read review them. These documents consists of the Declaration o
