ConnecticutCondos

What is a Condo?

The owner of a condo unit owns the interior space between the walls of the unit, and an undivided or joint interest in the common areas of the complex. Financial responsibility for general expenses, the common areas, and external maintenance of the complex is assumed by all owners and is paid for by monthly homeowner association fees.

What is the difference between an Apartment Style Condo and a Townhouse Style Condo?

In an Apartment style condo, the living space is usually all on one floor. Townhouse style condos generally have two or more floors with a basement.

Apartment Condos
Apartment style condos have shared common areas such as lobbies, hallways, stairways and elevators. Many luxury buildings have a 24-hour concierge service, health clubs and underground assigned parking. An apartment type unit, whether garden style or high-rise, may be either a one-level ranch style, or a two-level townhouse style unit with a second floor or loft.

Townhouse style condos generally have two but no more than three floors in the individual unit and have a basement. They do not have other units above or below them.

Townhouse Style Condominiums vs. Townhouses, sometimes referred to as Townhomes
Townhouse style condo owners do not hold title to the land under their units. Townhouse owners not only own their unit but also hold title to the land on which their unit sits. They generally have two or more floors with a basement, are attached to similar units and have common areas owned and maintained by a homeowners' association.

What is the difference between a Condo and a Townhouse?

Condo owners do not hold title to the land under their units. Townhouse owners not only own their unit but also hold title to the land on which their unit sits. They generally have two or more floors with a basement, are attached to similar units and have common areas owned and maintained by a homeowners' association.

What is the difference between a Townhouse and a Townhome?

There is no difference. The term Townhome came into fashion in the 1970's.

What is a Planned Unit Development (PUD)?

Townhouses are often built as part of a planned unit development that also includes single-family homes. Here, townhouse owners as well as single-family owners usually own the land under their units. They share ownership and responsibility for the maintenance of the common areas through a homeowners' association.

What is the difference between a Planned Unit Development (PUD) and a condo?

In a PUD, townhouses are often built as part of a planned unit development that also includes single-family homes. In these developments, townhouse owners as well as single-family owners usually own the land under their units.

A condo is a type of ownership whereby owners have title to their own individual unit in a multi-unit complex. The owner of a condo unit owns the interior space between the walls of the unit, and an undivided or joint interest in the common areas of the complex. With Planned Unit Developments and condos, financial responsibility for general expenses, the common areas, and external maintenance of the complex is assumed by all owners and is paid for by monthly homeowner association fees.

What Are Home Owner Association Fees?

Whether it is a Condo Building or Complex, a Townhome, Co-Op or Planned Unit Development, all require the owners to pay a monthly fee, which covers general expenses, repairs and maintenance of the common areas and external maintenance of the buildings in the complex, as well as fund cash reserves for future needs.

What Are Common Areas?

Common areas are those used by all owners and/or their tenants. Common areas may include parking areas, sidewalks, a pool, clubhouse, tennis courts, corridors and elevators. The cost of maintaining these areas is paid for out of the homeowner association fees paid by each owner. These fees are based on the size of each individual unit and are subject to change, in time, as set by the association's board.

What is the difference in a Condo and a Co-Op?

Condo owners hold title to their individual units. Co-Op owners own shares in a corporation that holds title to the land and the building. Co-Op owners are actually tenants of the corporation and are given a proprietary lease granting them the right to occupy their individual units. As with condos, everything other than the inside of the individual units is considered a common area. Co-Op owner-tenants pay monthly fees to the corporation, which is then responsible for paying the mortgage, taxes, repairs and maintenance of the property.

What Is Buyer Representation?

In the past, the general rule was Buyer Beware. However, today, many states have instituted Buyer Representation. As a buyer, you have a licensed real estate agent working on your behalf. Unlike the listing agent, who represents the seller, your buyer representative is strictly accountable to you and bound to provide confidentiality and loyalty, reasonable care and diligence on your behalf. Your representative is there to help you find and negotiate the best possible purchase. They also can provide you with information regarding home inspectors and mortgage companies and oversee any problems that may arise prior to closing.