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Sarasota Condominium 
What is a Condo?

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A Condominium is a Type of Ownership

The building shape could be a high-rise, a mid-rise, a townhouse, a garden up or down, or a villa, either attached or detached from other units. When you buy a condo, you have  exclusive ownership rights to the interior space of your particular dwelling unit but you own the common areas (walls, grounds, fences, facilities) with the other owners in the complex.

Remodeling

Condo owners are not free to remodel at will. Condominiums are governed by CC&Rs (Covenants, Conditions & Restrictions), which dictate owners' rights, and restrictions on those rights. For example, the CC&Rs may prohibit you from painting the outside of your unit green, even though green might be your favorite color.

Deed and Benefits of Condos

Owning a Condominium is very similar to owning other real estate. A condominium comes with a deed and is very much like owning other types of real estate in terms of financing, taxes, etc, with the added benefit of carefree apartment living.

Condo Maintenance

Maintenance of the condo complex, however, is shared to some extent by the other co-owners. When you buy into a condo or townhouse complex, you become a member of the homeowner's association. As a member, you pay monthly dues to the association. Your dues will normally cover the management of the homeowner's association, hazard insurance for the complex and a certain amount of routine maintenance. Precisely what is covered by the homeowner's dues will vary from one complex to the next.

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What is a co-op?

A co-op is also a type of ownership

When you buy a Co-op, what you actually buy is a proportionate number of shares in the corporation that owns the building. The corporation in which you are a shareholder then issues you a proprietary lease entitling you to live in the unit you have purchased.
Financing, the manner in which sales are recorded, rules and other details are sometimes different for Condos than for Co-ops.

What are the House Ownership Benefits?

A house is a detached unit usually with a sole owner of the land it sits on

The main difference between a house and a condo is that a house stands on its own--it's a detached dwelling unit. A condo, on the other hand, is usually attached to other similar units by a common wall or walls. The ownership interest that you receive when you buy a single family detached house is an exclusive ownership interest. You become the sole owner of the building and the land it sits on. 

Remodeling

House owners are relatively free to modify their homes to suit their personal needs. The responsibility for home maintenance lies solely with a house owner. Some houses have a neighborhood or community association. That can involve neighborhood rules and paying a fee. This can vary from minimal to high, for example, it could include country club benefits. Condos and Co-op owners can also be required to pay a neighborhood fee.

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Our experience can make the deal happen: We know of properties that are not on the market yet, we know the differences in writing Manatee and Sarasota contracts to save you money and when negotiating a contract our experience can help you get the property that you want. Ethics counts when you want a level playing field and hard work is critical when you want the best.

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