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Marissa69 | Can people own condominiums? |
i'm only 15 so im not planning on buy one X] lol
but i was just wondering if people actually own their condos?
do they pay monthly rent like in an apartment ?
or is it just buying the space and living there until you decide to move somewhere else like with a regular house?
like i said im only 15 so i dnt really know a lot about buying / renting places haha =]
thnxx |
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Psyched Gabby
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Here in California people actually buy condos and townhomes as a stepping stone to get them closer to buying a house. Yes you buy them and pay the monthly mortgage payment (almost like rent) but once you're done paying you own it. |
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m
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Yes, I own one. You pay a monthly mortgage just like on a house. You also pay HOA fees for insurance, water, trash, sewer, property upkeep, etc. When you move, you sell it and you get your money back for it. The interest is also tax deductible just like on a house. It's way better than renting. |
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MazdaMatt
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Its just like a house, but when you finally pay it off, you still have to pay the monthy fee's for lawn care and snow plowing, and things like that. It's kinda like a house payment with another payment you pay to the condo place forever. |
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Sexii Muneka
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yes u can n usually the rent is from 800 to 1200 dollard depending hoe big n while u r paying them u dont have to pay any utilities.. everything payed for u cable light water gas etc.. n another thing once a person is 18 they can own one its the easiest thing to do rather than renting an apartment.... also u get free cleaning for some!! |
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Maggie S
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You own your own condos. Lots of people choose to rent them out though, they makje $$$ (It's an investment for a lot of tropical places) |
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crazydave
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Yes you can own them. But there are usually monthly fees for maintenance and groundskeeping in addition to the monthly mortgage payment. |
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travelguruette
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Yes you can own a condo. I own one. There is what they call a Home Owners Association. You have monthly dues to the hoa. These due cover various items depending on your agreement. Ours covers the water bills, garbage (large dumpsters), landscaping (cutting lawn in common area), pool maintenance, etc. |
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Big Deal Maker
 |
Great question from someone that is in the wondering stages of home ownership. Great time to be thinking how things work. Yes you can buy and own a condo.
There are property taxes that must be paid. HOA fee`s (home owner association fees)
If your condo is totally paid off the above bills would be all you would have outside of water, trash, gas and electric.
Maintaining the condo is another expense.
I hope you ask more questions. It will be very helpful when you get older in home buying and selling.
Thanks for the question! |
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MidnightFistfight
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No. You can own one, rent one, own one and rent one out. There are also timeshares. I have no idea what they are exactly, but I'm sure google does. |
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Jess N
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You buy them, like houses, you just don't have to mow the lawn. |
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Joe Finkle
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You own a condominium and join the association, who takes care of the common spaces and provide certain services in return for a monthly fee (like rent, but less). The association is made up of the owners of the condos in the community. Joining is mandatory. Buy purchasing the condo, you agree to join and pay the fee.
A co-op is different. They don't have them in most places, but they are very common in New York City and some foreign cities too, like Stockholm. In a co-op, the building is a corporation. You don't buy your apartment, but instead you buy shares in corporation equivalent to the price of your co-op. Each apartment owner then gets the right to elect the board of the co-op, who decides how to run the building, like the association in a condo. You pay a co-op fee, just like the condo fee.
The main difference between the two is that in a condo you own your actual space. In a co-op you own a part of the whole building or complex, but have the exclusive rights to your space. Condo owners have a little more control over themselves and a little less control over their neighbors. Hence condos are better suited for places where the different residences are more independent, like houses in a complex with a community space. Co-ops are better suited to close quarters living where the one owner can have a bigger impact on his neighbors. |
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diiana h♥
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yes, I live in a condo at the moment with my family and we own it. there are condos that are rented out as well. different places do different things.. the place where I live has some rented and some owned |
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Tayna
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its like a regular house... yeah u can buy a condo |
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Maryn Bittner
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The deal with a condominium is that each owner owns their unit from the interior walls inward. They buy it outright, like you would a house, and are responsible for maintaining it themselves, again like a house.
However, they own the roof, exterior walls, basement if there is one, grounds, and parking lot collectively. They pay a monthly condo association fee which covers maintenance and eventual replacement for all these things as needed. The condo owners' association votes on how the money is to be spent. |
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Uncle Craig (don't ask)
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condos are bassicaly apartments that you own, I'm pretty sure |
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johnny_photo
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People do own condos, just like houses. They do pay what is called a monthly assessment. It is to pay for upkeep and labor around the building. (such as security, cleaning, etc.) |
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Dylyn
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Yes, you can buy a condo and own it. You can also rent them. Usually not only do you have a mortgage payment but you also have a monthly maintenance fee since they take care of the lawn and outdoor work. |
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Satch JR
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Yes you can own a condo...my bass player owns one |
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hoku
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yah people can own one ^_^ |
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al3xdagr8
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yes the own them....they just don't own the land |
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freebird
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You can buy a condo or you can rent one, depending on the circumstances. You can own one just like a house. You pay the mortgage each month and then you sell it when you want to move. |
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m-shay-la
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no. aliens own them |
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