Home Improvement Articles - The Difference of Miami Condos from Other Hybrid Properties
Condos
In the Miami condos environment, you, as the owner, hold the title to the condominium unit. This means that the only property you own is the unit and not the building. However, owning a condo means you own a part of the building. The maintenance and operational fees of the building will be included in your monthly payments. You get a say in the management of the condo and will share the responsibility of maintaining the condo with the management and other residents of the building.
The share of the Miami condos you own also specifically refers to the common areas. These areas can be anything from the exterior of the condominium building and hallways to the swimming pools and other amenities used by all the condo owners of the building.
Townhouses
Unlike condos, townhouses are usually a series of single or multistory houses connected by common walls. Also, the title associated with townhouses makes the homeowners also owners of the land beneath them, making it unlikely to stack properties on the top of another like in the condominium. But similar to the condos, each townhouse owner pays the property tax for his or her own townhouse or unit. There also exists an association which manages the entire complex through the fees paid for by the owners.
Cooperatives
Cooperatives, or simply co-ops, are different from the last two mentioned inasmuch as the title of all the associated properties are held by the co-op corporation. Buyers in the cooperative setting essentially purchase stock of the corporations, thus making them shareholders. A lease, instead of a title, is given to each shareholder.
Also unlike Miami condos, the taxes and mortgages associated with the co-op property are paid for by the corporation. However, the costs of operation are generally shared by the shareholders or residents of the cooperative. Finally, in order for a newcomer to enter the cooperative, he or she should be approved by the administrative board, which often consists of the current cooperative residents.
Mark Michael Ferrer
Miami Condos
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