Detached Condos?

[DMickey28]

What is the draw back to a detached condo? You don't own the land around the house, right?

 

[Mouse House Mama]

Lord help me I thought the title of this thread was "Detatched Condoms"


I need to get more sleep......

 

[Robinrs]

This is an interesting article that should explain them: http://realestate.msn.com/article.aspx?cp-documentid=13107803

 

[WDWBarb]

I believe, in a condo, you own the paint on the walls and everything "inside." You own nothing of the structure itself.

 

[JR6ooo4]

I believe, in a condo, you own the paint on the walls and everything "inside." You own nothing of the structure itself.

In Illinois, when you uy a condo you are getting title to a box of air. Included in that box could include none of the exterior walls, ceiling, foundation etc...


But we have done exterior condominiums where the ownership lines extend to the exterior of the building. Others where you own airspace above the buildg and earth space below.

there are only three things in almost any condominium:
units - which you receive a deed for

common element - which almost every unit owner has some "rights" to. Others may have rights as well. like utilities or golf course patrons etc...

limited common elements (LCE)- which is common element with limitations. Like a balcony in which there is only access from your unit. You do not own it but you are the only one that has the right to use it. Also important if your driveway is LCE in front of your garage. If it was common element anyone could park in it, blocking your garage.

Mikeeee

 

[ZephyrHawk]

It depends. There are "site condos" where you own a plot of land as well as the building on it. The common elements are the streets and sometimes shared mailboxes. The limited common elements are the utilities that run under the site condo land.

 

[DMickey28]

Do you think these are bad 1st time home purchases? We seem to come across a few that are in the price range we want but a lot newer/nicer/bigger than the SFH's in the same range.

Do you think resale would be horrible on these in 5 years?

Would it be a better purchase than a condo/townhouse in a common building?

 

[bicker]

The entirety of the structure and grounds of a condo is typically owned by the unit owners. The difference is that the structure and grounds are owned in community, rather than each individual unit owner owning a specific bit of the structure or a specific bit of the grounds. There isn't some government agency, or some multinational mega-conglomerate that owns the building and land -- each unit owner is part-owner, and owns pretty-much just as much as anyone else.

There are no practical differences betwen owning a detached condominium versus an attached condominium, except for the obvious: You don't have a wall, ceiling or floor on the other side of which is a neighbor. As with any condominum, certain aspects are LCEs (as outlined above), and with detached condominiums there tend to be a bit more LCE space than with attached condominiums, but that's just a reflection of geometry: There are some attached condominiums with some serious LCE space. At the condo we lived in in Howell, you could have a "back yard" practically the same dimenstions as your townhouse. Wood, chain-link and vinyl fences were prohibited, but those that took advantage of that benefit were happy enough to enclose their yard in thick evergreens. It was wonderful.

Just a note about the conflict between the "box of air" comment above, and the "paint on the walls" comment, above: I'm pretty sure that the latter is more accurate, in practically every state. I don't know of any condo that restricts inside paint colors (which is the only rational practical difference between the two comments).

Condominiums have sometimes been poor investments (I sold one at $40,000 less than I bought it for) and excellent investments (even in this incredibly horrible housing market, we could sell the condo we're in now for over $100,000 more than what we paid for it). However, remember, you're buying a home, not a financial vehicle. Buy a condo, specifically, because you prefer living in a condo, i.e., having an association that provides community amenities, exterior up-keep, etc., and asserts minimum aesthetic standards for the exterior spaces.

 

[DMickey28]

Thanks Bicker!! We are looking to move/buy in S. NH in the next few months!! Moving back to MA from S. FL in 2.5 weeks and Can't wait!