In apartment buildings, the question of ownership of square meters is always relevant.
The forms of ownership of real estate can be different, and they can differ both in fact and legally.
One of these forms is condominiums. What is this form of ownership, and how relevant is it?
What is a condominium?
That’s the name of a single real estate complex. It includes a land plot, a house built on the property (including an apartment building), and other buildings located here (on this territory).
Citizens own individual premises for housing, but all common property is in shared common ownership.
The word condominium is translated from Latin as “joint ownership” (con — “together,” dominium – “to own”). Since the 19th century, it has been used to refer to real estate that is jointly owned.
The rights of residents are strictly differentiated; the maintenance of the house, including its technical and sanitary care, is strictly organized.
The form of management of the building is established by the general meeting of residents or apartment owners since they can’t live in a condominium themselves but only rent out apartments.
Condominiums are widely distributed in the United States and Canada, in Thailand, Singapore, and some Central European countries.
History
The idea of the condominium as a form of shared ownership of housing was embodied in the Roman Empire, when the Roman Senate passed the law on the condominium about 2000 years ago, allowing citizens to own separate residential premises in urban multi-family homes. It is believed that this historical fact is the forerunner of the modern concept of a condominium. Since that time, the term “condominium” has been used to refer to property complexes, the elements of which are apartments, other residential and non-residential premises, as well as land plots.
The difference between an apartment and a condominium
The main difference between a condominium and an apartment is the ownership structure. An apartment is a rental property owned by a company that manages real estate to generate rental income. As a rule, in an apartment building, all apartments are the same, and the owner is the same. In contrast, a condominium is a private residence that can be rented out to tenants. When you rent an apartment, the individual owner is your landlord. When you rent an apartment, the company that owns the building is your landlord. Condos are higher in quality than apartment buildings, as many primary homeowners live in condos. At first glance, many of the amenities in condos and apartment buildings may seem the same. Still, with condos, you’re more likely to find a more upmarket option, as better amenities help boost the property’s value.
Advantages and disadvantages of this form of ownership
- The condominium does not require additional financial investments for management, as it is managed voluntarily, and this is its significant difference from the management company (management company).
- All problems with the operation are solved by the residents and owners themselves, or specially trained people are hired for this.
- The decision on the maintenance and maintenance of apartments is made jointly.
- The maintenance of public premises, communications, and the adjacent territory is constantly under control. The problem of servicing rented housing is also being solved.
- The relative disadvantage of the condominium is the need for high responsibility of the residents. Such real estate cannot be owned for a limited time.
How to form a condominium?
- To form a condominium, it is necessary to determine the objects of shared ownership, develop technical documentation for them, and draft a charter.
- At the next stage, you need to identify candidates for the board and organize a general meeting of residents. To make a decision, at least half of the homeowners must be present at the meeting.
- The charter and the composition of the Management Board are approved.
In an apartment building, even several condominiums can be created, for example, within the same entrance, provided that the property is separated from the one used by other homeowners.
Similarly, a condominium can include not just one apartment building but a whole complex at once.
Each condominium member controls precisely how the funds are spent, and annual reports are created for this purpose. The owners themselves determine what and how to spend the funds: for the playground equipment or for the expansion of the parking lot.
The owner can dispose of the housing as he sees fit: he can give, bequeath and sell it. The accumulated funds are spent on repairs and landscaping.
An interesting feature is related to solving problems with utility debts. At the general meeting, a decision can be made to forgive non-payers the debt in exchange for a “labor contribution,” such as repairing the entrance.
Style Tips
Clean lines
You will do many things to brighten up your home, but try to limit yourself to a straightforward interior design. Simplicity in the setting is the best option to expand the visual boundaries. Furniture and accessories should not be too flashy, and the palette is better suited to pastel or neutral.
Multifunctionality
Try to choose items of furniture that can be used for different purposes. For example, a wide sofa will become a bed where your guests will stay for the night.
Chic and sparkle
Glass, acrylic, mirrors, and even glints of metal keep the visible light and at the same time playful style. This waterfall of glare will help even the most compact apartment to seem more spacious and brighter.
Condos are a modern interpretation of the co-op house. Many of us have a negative attitude to this phenomenon since many living conditions need to be shared with neighbors. At the moment, the best prices on condos for sale myrtlebeachcondoforsale.net. But it is worth considering some points, such as the cost and the ability to have access to a broader range of services than in a similar home and you will see all the advantages that are difficult to refuse.
Conclusion
The process of registering a condominium is quite complex and time-consuming. The management of such property itself is also tricky: all decisions must be made through a general meeting and then documented decisions. Read more condo for sale In Foley, Al, if you have any interest to buy a condo there.
A big plus is the ability of homeowners to invest. Thus, a condominium is an opportunity to reliably save funds, protecting them from inflation and many other risks. Such investments are most profitable when the objects grow in price over time.
