Define: Condominium
Condominium : A system of ownership of individual units in a multi-unit structure, combined with joint ownership of commonly used property (sidewalks, hallways, stairs, etc.).
Simply stated…You own your unit and a percentage of the common areas. An HOA (Home Owners Association) fee is usually collected monthly to cover maintenance costs of the common areas as well as the exterior building. Additional costs, such as all utilities, may also be included. Before purchasing a condo, be sure you understand all costs included in the HOA fees. HOA fees can add up to several hundred dollars a month!
View the most complete up-to-date list of condos for sale in Albuquerque
For brief definitions of other terms, visit my Real Estate Glossary.
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Ashley Drake Gephart, Associate Broker, REALTOR®
Keller Williams Realty
Direct: 505.261.0389
Email Ashley
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posted in Albuquerque NM Real Estate, Real Estate Terms | 2 Comments
