Know the Facts When Buying Apartments
Limited public property is owned by everyone in the building and usually includes areas such as facilities, lobby, parking (with the exception of individual kiosks), hallways, elevators, etc. Basically, the general property is anything outside your suite.
Some public buildings may include windows and pipes as shared property. General properties are often managed by property managers or board condos and financed by condominium fees.
Condo costs include maintenance of buildings and public areas and reserve funds (used for major upgrades or repairs, such as new roofs, elevators, etc.). If you are searching for no-fee rentals in Jersey City then you can visit various online sites.
Most condominium fees will also be paid to pay for all or at least most utilities (heat, water, electricity). Each building can work differently; however, most condominium costs are based on square units.
Condo levies can cause fear in the hearts of condo owners. Retribution is a mandatory fee x the number of dollars for each owner in a building and is carried out when major repairs or renovations have to be made (or chosen) which are more costly which can be handled by the reserve fund.
Board condos are a group of owners who act on behalf of buildings in general to maintain the state of the building as well as the finances, future projects, and other owner problems.
Often time condos are purchased as investment tools. This is a great way to expand your financial portfolio. Be sure to check the condo policies about renting your suite as well as all applicable laws and regulations that govern buildings and tenants acting in your area.
When renovating your condo, you must ensure two things: 1) obtain written permission from the board. 2) Get a contractor who can tell you what you can and cannot change, removing structural walls can spell disaster that is your responsibility.