Condo development can take the form of stylish apartment complexes, city houses or multi-family homes. What sets it apart from other multi-tenant buildings is that developers have officially stated that condominiums and individuals can buy units in buildings or complexes.
In most states, this means that development is specifically designed under the laws and regulations that apply to condominiums. If you are relocating to New York and looking for upper west side luxury condominium then you can visit https://thevandewater.com/.
When buying a condo, the owner gets the rights to the unit, up to the wall, but not between them. The description of the condo is "an apartment in the air."
Common areas of development, such as stairs, separation walls, and exterior, gym and roof garden, are shared. Every unit owner has an interest in these spaces.
To manage maintenance and repair of shared areas, each condominium development has a condominium association, also known as a unit owner association. This association was chosen by the condo owner and made a decision for the common interest of the community.
Condo fees include:
* Arras, mortgages and property taxes
* Condo fees, also known as maintenance costs. Condo fees are paid by all residents to help with building maintenance, salary for yard guards, janitors or assignments, and provide facilities such as luxury swimming pools, gyms or roof gardens. Condo fees are paid monthly and may change
* Special assessment level. This rate can be requested when unexpected repairs or planned modifications exceed the costs collected by the condominium