What Is Commercial Condominium? A commercial condominium (or condo) is an individually owned unit that is part of a larger multi-unit building with various owners. … A condo owner also receives an undivided interest in the common areas of the project, including the hallways, parking areas, landscaped grounds, etc. What are the different types of
Why You Should Never Buy A Condo? Less Space and Flexibility. Another one of the reasons not to buy a condo is that you have less space and flexibility in how you use your place. Some condos offer owners extra storage space or possibly a basement, but you’ll still likely have a smaller, more compact
What Is Living In A Condo Like? A condo is a privately owned space within a building. Condos differ from apartments because an apartment is usually rented instead of owned. Residents of condos pay HOA fees to ensure all communal areas, like pools or workout areas, are maintained. What is special about a condo? Less
Who Has The Most Expensive House In The Philippines? ₱ 850,000,000. BGC / Bonifacio Global City / The Fort / Fort Bonifacio, Taguig, Metro Manila. … ₱ 650,000,000. Muntinlupa, Metro Manila. … ₱ 352,000,000. Makati, Metro Manila. … ₱ 350,000,000. Alabang, Muntinlupa, Metro Manila. … ₱ 220,000,000. … ₱ 210,000,000. … ₱ 206,238,000. … ₱
Are Declarations The Same As Bylaws? The Declarations loosely define the Board and its role. The bylaws go into detail about individual roles, terms, how to elect the President, and may list board powers one by one. The Declarations define the use and occupancy rules of the units and common areas. What is the difference
What Does It Mean If Condo Is Not FHA Approved? Condo projects may not be FHA approved if they contain restrictive requirements, agreements, or covenants that prevent the owner from freely disposing of the condo unit at any time. The “right of first refusal” clause in some condo owner association agreements can be problematic for
Is It Better To Get A Condo Or An Apartment? If you’re looking for a range of amenities, a condo might be a better option for you. No equity – If you’re renting an apartment, you’re not building equity in your own home like you would if you owned a condo. When you rent, you’re
Can A Reverse Mortgage Be Used On A Condo? You can get a reverse mortgage on a condominium, but it must be your principal residence, and it might not be a good idea. You can get a reverse mortgage if you own a condominium, as long as it is your principal residence. Reverse mortgages are
Can A Condo Board Reject A Buyer? Some condo associations also allow a board to reject/approve a potential buyer. If your bylaws (or declaration) contain language allowing the board to reject an applicant, then clearly the board has this right. If the legal documents do not include such language, then the board cannot reject anyone.
How Is A Condo Different From An Apartment? The biggest difference between a condo vs. apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo is similar in structure to an apartment — usually a unit within a larger residential building —