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Important Terms about Condominiums

Condominiums are popular among people who want to combine the most convenient aspects of apartments and home ownership. They can be an attractive option for those who no longer wish to rent or lease the property they live in. If you're thinking of moving into a condominium, you may be confused by the unique terminology you may run into, so let's define certain key terms associated with them.

  • Condominium - A type of multi-unit housing in which each unit is owned by its occupant, who in turn holds partial ownership in the other areas of the building. It differs from an apartment building in that the residents do not rent but own the units. Each owner is responsible for the sale of his or her unit. They can also rent or lease the unit to another party.
  • Common elements - The areas of a condo that collectively belong to its residents. These can include pool areas and laundry rooms. Limited common elements are those allocated to some but not all of the condo residents.
  • Condo association - An organization involved in regulating various aspects of the condominium property, such as making repairs. Condominium residents are typically required to pay a monthly fee, often called an assessment, to the association. The association can be made up of condominium owners or professional managers. Sometimes called a homeowners association.
  • Reserve fund - The money set aside by the condo association for maintenance and repairs.
  • Waterfront condo - A condominium built next to a body of water, such as an ocean, lake, or river. Due to high demand, waterfront condos sales usually command premium prices.
  • Townhouse - A type of housing arrangement in which houses are set in a row and share walls.
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    Community Associations Institute
    Alexandria, VA 22314
    Community Associations Institute (CAI) is a national organization dedicated to fostering vibrant, competent, harmonious community associations. Get networking and resources from our organization.
     
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    Boardwalk Condos
    940 Monroe Ave Nw, Grand Rapids, MI 49503
    Offering great condos in the downtown area, featuring a fitness center, pool, hot tub, movie room, and game room. There's also a rooftop deck, and that's only the beginning of the fun and style you'll find here.
    (616) 988-6466
    Village Cooperative
    2220 Pittsfield Blvd, Ann Arbor, MI 48104
    We are a community of vintage houses in a 64-acre park-like atmosphere. Enjoy a walk around our scenic grounds, and you may just decide our community is for you! Our location is adjacent to many conveniences.
    (734) 971-0233
    Castle Way Apartments
    5955 Weiss St, Saginaw, MI 48603
    (989) 272-2450
    Bay Valley Management Company
    2432 Tennis Ct, Bay City, MI 48706
    (989) 686-3260
    Camelot Place Apartments
    141 Camelot Dr, Saginaw, MI 48638
    (989) 272-9178
    Condominium Network
    350 Saint Andrews Rd Rm 200, Saginaw, MI 48638
    (989) 792-2479
    River Forest Condo Assoc
    5951 W Michigan Ave, Saginaw, MI 48638
    (989) 793-6125
    Rosewood Development Co
    2479 Rosewood N Ste B, Mount Pleasant, MI 48858
    (989) 773-5084
    Oak Meadows Condominiums
    1710 E Remus Rd, Mount Pleasant, MI 48858
    (989) 772-5494
    Antrim Condo Association
    917 N Water St, Bay City, MI 48708
    (989) 894-4993
    Boathouse Condominium Associat
    1111 N Water St, Bay City, MI 48708
    (989) 894-4382
    Homes by David Demarr
    11401 Windmill Pointe, Clio, MI 48420
    (810) 687-2585
    Pleasure Point RV Condo Resort
    10020 N Musson Rd, Six Lakes, MI 48886
    (989) 365-3023
    Northport Condo Campground Assn
    3675 E Michigan Ave, Au Gres, MI 48703
    (989) 876-8606
    Mill Road Condominiums
    2065 Mill Rd, Flint, MI 48532
    (810) 766-9519


    Condominiums are essentially apartments that a person owns rather than rents or leases; they also might pay association fees to help with the maintenance of the building and grounds around the condos. Condominiums usually will contain kitchens, laundry rooms, and multiple bedrooms and can be very luxurious or have a very contemporary look. Condominiums also often come with 24 hour security services. Buying and selling condos is usually done by real estate agents but they can also be put up for sale by the previous owner. Condominiums differ from townhouses in the fact that condominiums can be high rises, multi-bedroom, or even similar to the style of a hotel, whereas townhouses usually only have one or two units per building and are houses rather than high rise buildings. Many new condominiums offer luxury features and can be found in any part of the cities including downtown. Real estate agents will also offer more services when dealing with purchasing condos rather than renting apartments. An excellent way to get more information about the differences between condos both old and new, townhouses, and luxury vacation sales is to speak with a real estate agent who has access to multiple listings in all areas. Other information can usually be found through online sites and sometimes brochures that include property for lease, condo listings, and vacation property for sale. Many people consider condos more of a home than apartments because they own them rather than rent them. Condominiums can include almost anything from luxury kitchens, multiple bathrooms, and can even come completely furnished. They may be downtown or in the suburbs and they can come in almost any size.
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