A condominium is the ideal home for many people, but shared ownership means there are special points to consider. People who want to make the switch from renting to owning often choose a condominium as their first “real home.” Other buyers purchase a condo as a part-time holiday retreat or are attracted by a lifestyle that has fewer responsibilities. What’s a condo? A condominium is not the same as an apartment, although condo developments may include apartment-style complexes, townhouses or converted multi-family dwellings. It is different from other multi-tenant buildings in that the developer has legally declared it to be a condominium and units in the building or complex are purchased rather than rented. In most states, this means that the development falls under specially designated laws and regulations applied to condominiums. Shared spaces A condo owner buys title to his or her individual unit, up to the walls, but not including them. There are also common areas of the development, such as hallways and stairwells, dividing and outer walls, pools, fitness centers, rooftop gardens and barbecue areas. These are under shared ownership and every unit owner holds an interest in these spaces. Every condo development has a unit-owners' association that manages the maintenance and repair of these shared areas. The association is elected by the condo owners and makes decisions in the interest of the community. Fees and associations The condo or homeowners association budgets and determines the fees for all units, usually based on the size of each unit, the number of units occupied and the projected expenses for maintenance and repair. Condo costs
Q: I'm about to put my home on the market. What factors should I consider when determining how much to list it for?
A: The ten main factors that influence the value of your home are:
Generally, aim for your list price to be within 2.5 to 5 percent of what you expect the selling price to be. Pricing strategies vary with the market. If it's sluggish, price lower. If it's active, price close to your expected selling price to stimulate competing offers.
Remember, your home is easiest to sell when it's first listed. During the first couple of weeks, you'll get a flurry of interest on the part of agents eager to preview it for their clients. If you price it too high and they can't sell it, your home may linger on the market and become old news. Prospective buyers may think you're becoming desperate and lower their offers. As a result, you could end up having to accept less than you normally would have received.
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