This is the first post in a 6 part series to help those that have ever wanted to own a condo but didn't know where to begin, understand what it means to own a condo.
This post will answer the most basic question of what is "the" condo. What do I own when I buy one?
Have you ever been wanted to own a vacation home in Florida? Live by the beach? Be able to have your friends and family together at your Beachhouse or simply enjoy your holidays at your own condo during your vacation times?
You can do this but first, you have to know how condo ownership works so that way you can plan accordingly.
Condo ownership is different and owning other types of real estate. For instance, if you own a house you own the building and the land that it sits on. If you own a townhome then you own the building, but likely not the land that it sits on. When you own a condo you don't own the building or the land that it sits on, instead you on the interior of the building. A good rule of thumb when it comes to condo ownership is that when you're inside whatever you can see and touch belongs to you. For instance, you can see and touch the paint and the texture on the walls, the tile floor, the cabinets, countertops, the light fixtures, all your furniture... All of this belongs to you. What you cannot see in touch is the sheetrock, the studs, the exterior, the subfloor, the plumbing in the walls or the roof; those things do not belong to you. There are the grey areas and an exception to the rule of thumb. The grey area is that in some condo complexes you on the doors and the windows too. The exception to the rule of thumb is that you own all the electrical up to the meter and all the HVAC both inside and out. Collectively all of these things make up the "condo" and define what you own.
Broker/Owner Perdido Key Resort Realty
GM Perdido Key Resort Management
JD is the Broker/Owner of Perdido Key Resort Realty which proudly serves all property owners in and around the Greater Perdido Key and SW Pensacola areas. If you have questions about buying, selling or general questions about the market then you should speak with JD at your soonest convenience. If that isn't enough... JD Hallam also currently is a Board Member as the Perdido Key Lodging Representative for the Escambia County Tourism and Destination Marketing Organization, VisitPensacola, and is the organization's FY18 Marketing Chairman after having been the Treasurer for FY17.