3 Things You Never Knew About Condos
When you’re talking to someone about buying a condo in Aspen or any other community, there’s a good chance that the person you’re talking to – or even you – consider a condo to be just like an apartment or townhome that you own… but it’s a little more complicated than that.
Check out these three things most people don’t know about condos.
3 Things You Never Knew About Condos
- A condo is a private residence inside or connected to a shared living area.
- You’ll most likely have to be in a condo owner’s association if you buy one.
- When you buy a condo, you own the walls inside your unit and everything between them – but nothing else.
Here’s a closer look at each.
#1. A condo is a private residence inside or connected to a shared living area.
Condos are private residences that are each owned by individual homeowners. They’re usually in a building that has multiple units, but sometimes condos are detached from each other as well. However, all condos share common areas, like swimming pools, gyms and community centers, playgrounds and other spaces. Condo owners don’t have to maintain the common areas; they’re only responsible for the insides of their own units.
#2. You’ll most likely have to be in a condo owner’s association if you buy one.
When you buy a condo, you’ll have to be part of an association of other owners. The association’s main job is to preserve property values, which means they’ll have rules (called covenants, conditions and restrictions, or CC&Rs) that you’ll have to live by.
#3. When you buy a condo, you own the walls inside your unit and everything between them – but nothing else.
When you buy a condo, you’re buying the inside walls and everything between them. You share usage rights to the community areas (like the swimming pool, playgrounds and other building amenities), and you pay for their maintenance and upkeep through your condo association dues.
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