Buying a unit from a condominium means you have the opportunity to own that unit and gain access to all that the condo corporation has to offer. The condo comes with the unit cost and the price you will have to pay to maintain common elements you share with your neighbors, such as a pool, golf course, and recreation center. If you are thinking about investing in a condominium, then it is essential to know which type will suit your needs best. Below is a list of the different types of condos that you will find in your area. 

A Guide to Condominiums

1. Leasehold Condominium Corporations

This type of condo is not owned entirely by the condominium corporation and is also leased from a third-party owner. So, when you pay rent on your unit, you are contributing to the collective rent that the corporation is paying to the third owner. Typically the lease term is between 40 and 99 years, but once the lease is up, your renter’s rights are terminated until it's renewed.

2. Standard Condominium Corporations

This condo offers the standard set up of a building and is divided into units and surrounded by common space that you share with other people in the building. When you buy a condo unit, you own everything that makes up that unit, such as the plumbing, electrical wiring, the walls and floors, and a parking spot. Outside, you will have a shared space that is made up of elements such as walkways, guest parking, and the yard. Part of your monthly fee will go to maintenance costs to keep these areas in great shape. 

3. Common Elements Condominium Corporation

Most condos have common elements that everyone pays for along with their units. Common elements condo corporations are made up of shared external features like golf courses, recreation centers, and even the roads. You purchase the parcel of tied land (POTL) that is attached to the corporation, and it is then partially your obligation to maintain the common elements through cost-sharing. 

4. Vacant Land Condominiums

A vacant land condo means that you are getting a unit of bare land upon which you can build. While you should have some freedom on the structure of your building, there are also set regulations within the corporation that you must follow that determine the size and design restrictions. 

For a condominium with a variety of amenities and a beautiful view, visit The Towers, located in Tampa, FL. Not only is it located in the heart of the city, but you get a priceless view of the Hillsborough Bay. You will have access to amenities like a billiards table, a pet park, and an infinity pool. If you are interested in meeting new people, they also have monthly mixers so residents can socialize with their neighbors. For more information about becoming a future resident, go to their website to learn more.