What is a condominium?
By Regina P. Brown, M.B.A., Broker, Instructor
(MBA Broker Consultants)
A condominium is a home attached to other homes, in which each homeowner owns ONLY their building, while the HOA owns and is responsible for the land, common areas, some exterior features of the buildings, and possibly the attached walls. The exact ownership is specified in the condo’s CC&Rs and varies by condo complex. Condos may include garages, carports, parking spaces, or no parking rights at all.Homeowners are said to own “airspace” within the boundaries of their house. They also share in the HOA ownership. With a condo, some insurance may already be included for the building structure, so find out what’s included in the HOA before getting a quote from your insurance agent.Condos often have smaller living space and less yard space than single family homes. That can be either a...