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I don't know if it is a condo or not but, in a condominium ownership arrangement, each unit owner owns the interior (the walls in) of their unit and all of its contents plus a share of all of the common property including the physical land on which the structure is built. In some condos, each unit is equal to one share of the total ownership, despite the square footage of the unit owned. In others, the number of shares held by each unit owner is based on their square footage. This is important because the condominium board and management company (if there is one) has to arrive at an annual budget and the amount of condo fees each unit owner pays is equal to the total budget divided by the owner's number of shares. So, in some condos, everyone pays an equal amount and in others, it varies with the unit size. The same applies to voting rights. Also in condos, the association (all the owners) pays for external maintenance, insurance, and typically some utilities and the unit owner pays for everything else including insurance on their contents (walls in). There are other things involved but that's it in a nutshell.
I don't know if it is a condo or not but, in a condominium ownership arrangement, each unit owner owns the interior (the walls in) of their unit and all of its contents plus a share of all of the common property including the physical land on which the structure is built. In some condos, each unit is equal to one share of the total ownership, despite the square footage of the unit owned. In others, the number of shares held by each unit owner is based on their square footage. This is important because the condominium board and management company (if there is one) has to arrive at an annual budget and the amount of condo fees each unit owner pays is equal to the total budget divided by the owner's number of shares. So, in some condos, everyone pays an equal amount and in others, it varies with the unit size. The same applies to voting rights. Also in condos, the association (all the owners) pays for external maintenance, insurance, and typically some utilities and the unit owner pays for everything else including insurance on their contents (walls in). There are other things involved but that's it in a nutshell.
So, if they are condos, and once all are sold, then the previous owner of all the land, can not decide to pack up and shut it down?
A real estate agent on a "real" condo told me never to buy one. Not sure though, on the consequences of owning one, looking years out.
I know 15 families that had to pack up and leave their mobile homes, behind as the land owner wanted it for another purpose than mobile home lots.
I had a real estate agent look into it. It's a townhouse and the HOA fees are $125 to $150 a month.
"It is a townhome, HOA is between $125 and $150 a month and it will be open for investors after 10 days.
I haven’t really heard of any HOA’s abandoning the properties they are associated with. The HOA covers the insurance for the exterior walls of the property also… along with grounds maintenance".
The previous landowner has no rights to the property any more than he would if one home were built on it. Once it's sold to the condo association or whatever entity buys it, it's like any other sale. Done.
Advantages to condo living are the amenities such as pools, hot tubs, gym, perhaps a community pavilion, perhaps a gated property with or without guards, not personally having to take care of landscaping and exterior maintenance etc. It is a matter of personal preference. If you like living where you have neighbors close by, limited parking for guests, that sort of thing, then it's fine.
Disadvantages, to me any how, would include the maintenance fees, difficulties dealing with the owner's association politics, lack of privacy, noise, etc. Again these are all matters of personal choice.
The risk of buying is the same pretty much, as buying a single family home when you consider the general economy at this time.
So, if they are condos, and once all are sold, then the previous owner of all the land, can not decide to pack up and shut it down?
Correct, as the "previous owner" is just that, no longer the owner. The land belongs jointly to the condominium owners and managed by the homeowner's association.
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