Difference Between Sacramento Real Estate Homes to Condominiums

Difference Between
Sacramento Real Estate
Homes to Condominiums

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Difference Between Sacramento Real
Estate Homes to Condominiums
Buying condo units have advantages and even
disadvantages to would be buyers. But first, let me tell you
the main difference between the two.

When you buy a condominium unit, you get the exclusive
right to the interior space of your dwelling unit, but the
land, walls, grounds, fences and facilities are owned in
common with the other owners in the complex.


With a house and lot, the entire home and even the land
belongs to you. This is called "fee simple" ownership.

Let's dig it deeper, a condo unit is usually attached to
other similar units by a common wall, while a house is
detached.


However, a recent trend is to develop detached
condominiums, where the land and improvements are
owned in common.

There are also some attached houses where the land is
individually owned. These neighborhoods are called
Planned Unit Developments (PUD.)


Condominium owners usually can't remodel at will, while
single-family house owners are relatively free to make
changes to suit their personal needs and tastes.

When buying a condominium you should include a
contingency to review and approve the Condominium
Title Certificate (CTC), the articles of incorporation, the
bylaws and the rules and regulations of the condominium
association.


It's also a good idea to review the minutes of six to 12
months of board meetings to understand the current
issues that are being discussed.

Look over the financial documents such as the budget,
reserve study and any assessments and find out how many
of the units are non-owner occupied.


This may affect your ability to get a loan. Finally, you'll
want to know if the association is involved in any
litigation.

The seller, real estate agent or escrow company will order
these documents from the management company for you
to examine and approve.


According to experts, Condominium documents are long
and complex, and buyers often complain that they don't
understand them.

If you can't make sense of the documents, contact a
homeowner association board member for an
explanation.


Or, hire a real estate attorney who is knowledgeable in
condominiums to review the documentation and give you
an outline of the important points.

Maintenance of the condominium complex is shared with
the other owners.


Keep in mind that when you buy a condominium, you
become a member of the homeowners' association.

You pay a monthly fee, which covers management of the
association, hazard insurance and routine maintenance.

A portion of your fee goes into a reserve account for
future maintenance and replacement of the
improvements.


Sometimes utilities, such as water, garbage and sewer are
included in the monthly fee.

Exactly what's covered by the homeowner fees varies from
complex to complex.

The responsibility for maintenance of a single-family
house usually lies solely with the owner.


Read and understand the CTC's and other documents
before you buy a condominium. If you're a dog lover and
the CTC's prohibit dogs, you'll want to know this before
you buy, not after.

Just as the value of any one house is dependent on
property values in the neighborhood, the value of a
condominium depends on the condition and desirability
of the entire complex.


The best way to get information about a condominium
complex is the same as in a single-family house
neighborhood.

Take a walk and talk with the neighbors. Finally, most
realtors favored Condominiums because it is less
expensive than single-family houses.


Condos usually offer more amenities but it has a higher
monthly fees.

They added that condo units are a good choice for young
professionals, bachelors and even to retirees, who want to
be in very accessible location, but do not want to shell out
lots of dollars in their pocket.


Finding more information about Sacramento
California Real Estate?

The visit our Sacramento Area Real Estate site
today!

We can help you in Real Estate for sale in
Sacramento CA.


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Difference Between Sacramento Real Estate Homes to Condominiums

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