Condominiums are thriving in and around Pittsburgh, and present a great option for all kinds of buyers. Singles and couples, from young first-time buyers to downsizing baby-boomers who are seeking a home with low exterior maintenance, reduced square footage, security options, and even sweeping views may find that condominium living is their preference.
In Pittsburgh and its surrounding neighborhoods, there are many accessible options in existing condo communities as well as in new construction condos.
Buyers considering purchasing within a condominium community should be aware of the general legal structure of a condo. Ownership of a condo generally consists of the “unit” itself as well as an undivided percentage interest in the common area of the community or building…that is, the hallways, elevators, exterior structure and roof as well as any outdoor areas. Although many people relate to the term “condominium” as a single story apartment type dwelling within a high rise building, the term actually refers to this particular legal form of ownership, and condos can be multiple story townhomes or even single free-standing units.
Condominiums are additionally characterized by a homeowners association, responsible for maintaining and operating the property. When considering a condo purchase, be sure to budget for a monthly maintenance fee that is charged to each owner based on the size of the unit owned. Typically, this fee covers items such as building and exterior maintenance, management fees, liability insurance, and capital improvement fund.
Additionally, there are typically rules and regulations associated with condo communities that are put in place to insure not only the peace and comfort of all the residents, but also to maintain the integrity of the real estate. Before you purchase a condominium, you have a right to review the condo documents, including the rules and regulations of the community.
Don’t hesitate to contact me if you’re considering a condominium purchase or with questions about condo ownership….I’m happy to be of help.
If you are interested in buying a condo in the Pittsburgh area, contact me today:
Image Source: www.condodomain.com