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What is Condo Ownership?

Quite often we are asked about condo ownership. Well, I can tell you that it’s quite different from owning a detached home. Read on to learn more.

Condo Ownership

When you purchase a condo, you aren’t purchasing the building, you’re only purchasing the interior of the building.

Huh?

With condo ownership, the home owners association (HOA) owns the exterior of the building. To be specific, consider the exterior walls. The association owns the outer half of the exterior walls, while you, the condo owner, owns the inner half of the exterior walls. And where your home is connected to another condo, you own half of the dividing wall between the units, and the owner of the adjacent condo owns the other half. I’ll let you guess which half you own.

The condo association also owns the crawl space (if there is one), the attic and the roof.

The HOA is Responsible for What?

Let’s start with the association’s responsibilities. First, your monthly home owners association is responsible for maintaining the grounds. This means they cut the grass and remove the snow. Each (HOA) has it’s own snow removal guidelines, most don’t do snow removal until at least 2″ have accumulated. The HOA also maintains all common grounds, such as clubhouse, pool, tennis and basketball courts and playgrounds, if and where they exist.

Now let’s talk about the buildings. As I said before, with condo ownership the HOA owns the building. Thus they are responsible for maintaining the exterior of the building, including the roof.

The Condo Owner is Responsible for What?

First, windows and doors are considered to be interior, which means the condo owner is responsible for them. As to everything else inside the unit, the condo owner is responsible for all maintenance. This includes the heating and cooling systems, the electrical and plumbing systems, appliances and, well, everything inside.

Bottom Line

The info above is a guideline and reflects the most common circumstances regarding the HOA and the condo owner’s responsibilities. However, each HOA has it’s own rules and regulations. When purchasing a condo, please check all these things for yourself. You have the right to read the HOA bylaws, which tell you everything about who is responsible for what.

When it’s time to purchase a condo, find a good Realtor to help you through the process. Hey – here’s an idea – call us! Call Bunny and Art Reiman – Realtors. We’ve helped hundreds of families buy and sell condos and home, and we can help you too!

Would you like to search for condos or townhouses in other Monmouth County towns?

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Freehold Condo Market September 2019

In today’s post, we’ll talk about the Freehold Condo Market in September 2019. What we’ll be discussing is the state of the market and what has been selling in September.

The Freehold Township Market

What’s surprising to me is that most of the activity in Freehold Township, is that the bulk of the activity is in Stonehurst. Of the total of 11 condos which are for sale, 6 are in Stonehurst. There are 10 condos which are under contract, and 4 of them are in Stonehurst. Few homes closed in Freehold Township in September, in fact,there were only 2. And both were in Stonehurst.

The Freehold Boro Market

In the Boro, there is 1 home for sale and 4 condos are under contract. In addition 5 sales closed in September, and 2 were in Kingsley Square while 3 were in Patriots Pointe. This is surprising, since very few homes change ownership in Patriots Pointe.

The Numbers

In Freehold Township, there are 11 condos for sale. 10 condos are for under contract and 2 closed in September. The average asking price was $192,690, while the average selling price was $105,000. The low average sale price is due to the large number of sales in Stonehurst, while the higher priced complexes, such as Independence Square, Adelphia Greens and Poets Corner had no sales. Overall, the market seems to be pretty robust. I say this because between the homes that closed in September and the homes under contract we have 12 transactions. And there are only 10 homes available.

Now let’s look at Freehold Boro. As expected, there’s a lot less activity in the Boro. And the reason for that is that there are just less condos in the Boro. There is 1 home for sale, 4 are under contract and there were 5 closed sales. The average asking price was $203,420 while the average sale price was $217,400. The higher sale price is due to the sales in Patriots Pointe, which are usually priced higher than the other homes in the Boro. According to the info above, Freehold Boro also has a very robust condo market.

Would you like to know what your home is worth, discuss the Freehold Condo Market for September? Contact us, Bunny and Art Reiman – Realtors. We’re helped hundreds of families buy and sell their homes in Freehold, and we can help you. Because we’ve lived in Freehold since 1982, we know the towns well.

Would you like to search for homes in other Monmouth County towns?