If you’re like many people searching for homes for sale along 30A, you’ve seen plenty of listings for condos. But if you buy a condo, what do you own? What are you responsible for? Here’s a quick run-down on condo ownership in Florida.
What Does a Condo Owner Actually Own in Florida?
When you buy a condo, you become a homeowner. As a homeowner, you can build equity in your space – you pay off your lender (unless you purchased the home with cash) until your loan is satisfied and you own the condo outright.
So how much of that space do you actually own, and what belongs to other people?
When you buy a condominium, in Florida or elsewhere, you own a private dwelling called a unit. The unit is registered in your name. You own the interior walls of your unit and everything inside them. You don’t own the exterior walls, the hallways, the yard outside or even your parking space; you share ownership of these things with other residents. (Sometimes you can own a patch of outdoor property, such as a balcony or patio, or maybe even a little beyond the confines of your own balcony or patio. However, every condo is different – and if you’re not sure, you should check with your REALTOR®.)
Generally speaking, a condo is a lot like an apartment – but the money you pay to use community amenities, like swimming pools, elevators, common areas, playgrounds and parking lots, is paid through a fee separate from your mortgage payment. These fees go to the condo owners’ association, which is responsible for maintenance, repairs and upgrades that impact the whole community.
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