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Any real estate purchase is an investment. Condominium as a form of real estate ownership can cover residences, businesses, recreational areas -- boat slips in a marina, and more.
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Is purchasing a condominium as a first home a good investment?
The answer to that question depends largely on where you live. As a general rule, condominiums are not nearly as good an investment as a detached single family home. The reason is simple. There are usually many more condominiums available than detached single family homes. Condominiums are also being newly built all of the time, so if you purchase a condominium and attempt to sell it five years later, you will likely be competing against brand new units for a similar price. As a result, you generally want to avoid purchasing a condominium as an investment. If you want a place to live for a long time and you either cannot afford a detached home or are not interested in yard work and other general maintenance, a condominium may be perfect for you. Try not to think of it as an investment, however. In some cities, condominiums are the primary type of home and detached homes are rare. In these cities, condominiums may be a decent investment. A condominium can be a great buy for a first home purchase on many ar
What are the duties and resposibilities of a condominium?
Actually, the condominium itself has no 'responsibilities', except to provide shelter as a structure. As a condominium owner, your responsibilities of ownership insofar as the interior of the unit -- which you own -- are documented in your governing documents. As well, your responsibilities to the association are also documented there. As a condominium board, too, your responsibilities are found in your governing documents, and in your state's condominium law. Primarily these will specify your charge to 'protect, maintain and preserve' the investment that all owners have in the common areas, which are owned by all owners in common based on a percentage of ownership.
What is a highrise condominium?
A high rise condominium is a tall building with condominium units.
What is the difference between a condominium unit and a condominium phase?
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
What part of speech is condominium?
"Condominium" is a noun. A noun is a person, place, or thing.
When was the declaration of condominium of oceanquest condominium recorded?
You can find the answer you want in your local hall of records where the Oceanquest Condominium is located.
When was Carbonell Condominium created?
Carbonell Condominium was created in 2005.
When was Atlantis Condominium created?
Atlantis Condominium was created in 1982.
When was HarborView Condominium created?
HarborView Condominium was created in 1993.
What is plural of condominium?
The plural form for the noun condominium is condominiums.
How do you file a condominium lien?
You should contact the law firm that represents the condominium and learn how condominium liens are handled in your state.
What is difference between an attached and detached Condominium?
Attached condominiums are attached to something: a garage or another condominium. A detached condominium is not attached to anything.
