Condominium Defined

CondominiumCondominium: A system of ownership of individual units in a multi-unit structure, combined with joint ownership of commonly used property (sidewalks, hallways, stairs, etc.).

Simply stated…You own your unit and a percentage of the common areas. An HOA (Home Owners Association) fee is usually collected monthly to cover maintenance costs of the common areas as well as the exterior building. Additional costs, such as all utilities, may also be included. Before purchasing a condo, be sure you understand all costs included in the HOA fees. HOA fees can add up to several hundred dollars a month!

For brief definitions of other terms, visit my Real Estate Glossary.

Ashley Drake Gephart (56 Posts)

Social Media & WordPress Consultant & Trainer. Writer - Fantasy & Business. Unschooling Natty. Kicking fibromyalgia's arse. Enjoy jazz, yoga, comedy movies.


Comments

  1. Tucson Real Estate Michael says

    Yes some HOA’s here in Tucson Arizona run over $100/mo and from what I have seen the homes around that section sell for a little more due to the fact that the HOA must be included in an owners monthly expenses. So look into what the exact monthly expenses are prior to making a purchase sometimes it can be an eye opener.

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