Buying a Condominium or a Townhome ?

What is a condominium ?   In a multi-dwelling building, you own the inside walls and all the contents of your unit while the community shares in the ownership and responsibility of the outside walls, the land outside your unit and all the common grounds. A condominium can be a 2 or 3 story townhome or a one level “flat” much like an apartment, in a building 2 to many stories tall. 

What is a Fee SimpleTownhome? – This is a multi-dwelling building which has varying degrees of  group ownership outside the individual building and varying degrees of responsibility for maintenance. Frequently, the homeowner association fee is a small annual amount.

ê It is important to read the Condominium/Town-Home Documents before you purchase so you clearly understand and accept the rules of the community.

What about those Association Fees?

When you own a condominium home (and in some “fee-simple” townhouses) you pay monthly for your share of the “common expenses.” If you owned a single-family home you’d pay these expenses to the various utilities and suppliers.

The following expenses are typically included in the monthly condominium assessment. The amounts are what you’d expect to pay if you lived in a house.

Maintenance Item                                    Maintenance Costs                             Monthly Cost

Roof  (every 17+/- years & repairs)           $3,000 +                          $13.00                

Water and Sewer                                                                 35.00

Garbage                                                                                                               15.00

Exterior Paint (every 6 years)                   2,000 +                           30.00

  (Conservative)

Home Owners’ Insurance (exterior)              300                                             25.00

  (Contents extra)

Yard Maintenance                              1,000                                             84.00

Pest Control & Termite Bond                                400                              34.00

Swim and Tennis                                                  420                                             35.00

                                                                                                                  Total  $271.00

Additional Home Owners’ Costs included in Condominium fees:

Ÿ       Tree removal                                      • Mailboxes

·       Road Maintenance                                 • Side walk repairs

·       Lighting (street and walk ways)                    • Maintenance of club house