Through what homeowners are sharing on ReviewsBird.com, we know enough about the history and overview of condominiums. We know, for instance, that condominiums are a building that consists of individual apartments. Not only that, but these individual apartments are independent of the building by ownership, thereby making them real estate.
The example that best captures the overview of a condo is to imagine a large building that has about 20 unit apartments. Each 20 unit apartment has a separate landlord or owner. Although all owners contribute to the makeup of the large building which serves as an umbrella building, they are more concentrated on the unit apartment they own. This is what a condo is all about and it can be traced to Utah in 1960.
A Brief History
Opinions of companies reveal how condos share huge similarities with Ancient Rome. History book has it that it was Attorney Keith B. Romney who hired developers to construct a 120-unit manor in Utah. The idea was to affect a residential place that can be jointly owned by residents, just as in Ancient Rome. The trend caught on in real estate, and in the late 1970s and 1980s condos became a sensation in Massachusetts where they were targeted at young professionals and first-time home buyers. Ever since, the condo has become a force in real estate management.
How it Operates
Any house can be called an apartment or a condo. The difference between both is who owns it. While a building can contain multiple apartments that are rented out, another building of the same nature and structure can have apartments individually owned. Such a form of ownership in the latter is what makes a condominium. This is to say that other than ownership, the nature of a building is another differentiating factor.
In essence, condominiums are on the sale market and tend to be built to a higher standard than apartments that are in the rental market. A condo homeowner is referred to in legal terms to not own an apartment but space. A space that allows the homeowners to modify interior changes. Space is bounded by a document known as Declaration that defines spaces for each condo owner.
The building that houses each condo is managed by a homeowners association comprising all condo homeowners. The association has a board of directors elected by homeowners and there is usually an association fee for general building repairs and maintenance. Although a condo owner is responsible for its spaces, it also has to play towards maintaining the general building (often called common areas) that hosts its condo.
Condominium bylaws have enshrined the duties of all owners serving as members of the association. Also, they explain the powers and qualifications of board directors, alongside their responsibilities. You can own a condo by freehold ownership or through a title held in trust like other real estate.
A condominium is quite different from rented-out apartments and for this reason, it has rules, terms, and regulations that guide its process.