Following up on my last post talking about property types, I would now like to discuss the various types of condominiums. There are a number of different types of condominium communities, some with freestanding units which look like houses, and others which are attached, giving the homes the traditional townhouse/condo look. And while there are many similarities among the different types of condominium communities, there are also a number of differences.

The primary thing to look at is whether your community has attached or detached condos. Attached condos are multi-unit buildings which can have anywhere from 2 to hundreds of units within one building. Similarly, there can be one building or there can be dozens of them. With attached condos, you are basically purchasing everything inside the exterior walls. Everything outside of the exterior walls (parking areas, roofs, common walls, community areas, hallways, etc.), are considered shared areas and are maintained by the homeowner’s association.

With detached condos, you need to be very careful in understanding what you own as stated in the deed. In a traditional detached condo, you own the dwelling and might or might not have ownership over the roof and exterior walls. If you have a yard in a detached condo, you generally will not be responsible to maintain it, and you usually have very strict limitations on what you can and can not display outside of the dwelling.

Site condos, on the other hand, grant you ownership over the entire “site” the property rests on. So, if you buy a 1/2 acre “site,” you physically own the land as well as the dwelling. This means you must maintain your yard, but you also are generally able to get more property and have fewer restrictions.

The rules surrounding condominiums can get pretty complicated. If you are looking at a property in a condo community, please feel free to contact me and I will help you sort through what, exactly, you are buying, and what the best way to finance it is. And if you have any tips for first time condo buyers, please leave them here.