Should I become a Condo King?

Can you believe the way the economy is going? I’m in Florida and it is now in the top 5 with foreclosures. I’m renting and I’m worried about what is going to happen if the people I’m renting from loose their homes. Not that it’s a big deal for them, they do own six houses…I’m sure they bought them right after the big hurricane. Well, that got me thinking what if I look into a condo… I have seen some so cheap that even I could afford one. So, I started to Google “difference between owning a condominium and renting ” and I came across an article by a condominium manager, Tim Arel out of Nashua, New Hampshire.

WHAT IS THE DIFFERENCE BETWEEN OWNING A CONDOMINIUM AND RENTING AN APARTMENT OR OWNING A HOUSE? ( Tim Arel )

A. Condominiums are units bound together by common space. Unlike a rental, where a tenant rents out the space by paying the owner, condominium units are bought and you become the owner. You, as the owner of a condominium, own the unit, meaning the walls, windows, floors and doors. You are also responsible to maintain and make any repairs to these areas. As an owner of a condominium you also own a percentage of the common space, such as hallways, lobby, swimming pools, gyms, etc. Your association’s Declaration and Bylaws describe this responsibility in greater detail.

All condominium owners belong to a condominium association, which typically requires a monthly fee that is used to cover building and common area maintenance. The association is overseen by a board of directors, who are elected by the unit owners. This board manages the maintenance of the building, including the allocation of the funds. The specific duties of the board vary from condominium to condominium. Some condominiums spell out specific duties in their documents, whereas others leave it up to the board to decide what the needs are for the building.

Owning a condominium is like owning a house–the physical property belongs to you. This means you must pay property taxes in addition to monthly fees to your condominium’s association. The monthly condominium fee should be used to pay for maintenance of the common areas as well as building up a pool of money to cover any emergencies...Written by Tim Arel .

I really like the idea Tim says about me owning the condo - IT’S MINE! And the price I would pay in today’s market would be only around $40k to $60k…That's like paying $500.00 a month!

I love the idea of a pool and a gym! I know I will use the pool even though most of the pools are outside but with a pool you also get a hot tub! Well, maybe I will not use the hot tub unless I see them clean it and I’m the first one in it…

I know down here a number of condos are adding kid's playgrounds. That would be great with the kids and we can’t forget about the Basketball and Tennis courts! Of course, I will mostly just use the free high speed internet many are offering now…

The safety of a building filled with owners makes me feel a little better, too. I know people who own are going to take care of what they are spending money on. That is so cool, I’m going to have to look into condo life more. I wonder what a penthouse would be like?