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Buying a condominium means buying an individual unit in a property with public areas owned and managed by a homeowner's association. Buying an apartment usually means buying a share of ownership ...
You're planning to purchase a new home, and while browsing online, you've noticed many of the listings you're interested in contain unfamiliar real estate terms. Specifically, you want to learn ...
Homeowners insurance vs. condo insurance Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly.
Garage-apartment: an apartment over a garage; if the garage is attached, the apartment will have a separate entrance from the main house. Garlow: a portmanteau word "garage" + "bungalow"; similar to a garage-apartment, but with the apartment and garage at the same level.
Condominium is an invented Latin word formed by adding the prefix con-'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'. [3] Condominia (the Latin plural of condominium) originally referred to territories over which two or more sovereign powers shared joint sovereignty. This ...
In many ways market rate is thus similar financially to owning a condominium, with the difference being that often the co-op may carry a mortgage, resulting in a much higher monthly fee paid to the co-op than would be so in a condominium. The purchase price of a comparable unit in the co-op is typically much lower, however.
You might not get a great deal from buying a house.
A studio apartment, or studio condo [1] also known as a studio flat (), self-contained apartment (), efficiency apartment, bed-sitter (), or bachelor apartment, is a small dwelling in which the normal functions of a number of rooms – often the living room, bedroom, and kitchen – are combined into a single room.