A Miami Beach condominium is a building with separate units that various people own. People often mix up condos with flats and townhouses. To be clear, we will discuss the differences between condos and other houses in more depth.
Condos and Apartments
A property management company usually owns an apartment building, while each unit in a condo is privately owned. Instead of answering to a property manager, residents form a condo association. This association collects dues to pay for upkeep on the common areas of the condo building.
People who own condos inside places such as 72 Park pay for things including their mortgage, HOA fees, property taxes, and insurance. The condo owners are in charge of any repairs or care that needs to be done in their units. Most likely, an apartment building will have a repair staff that knows how to fix most issues.
Condos and Townhomes
A townhome is between an apartment and a single-family home. If you own a Miami Beach condominium, you are only responsible for what is inside. With townhomes, you are also responsible for maintaining the inside. The outside areas including the roof, yards and common areas are maintained by the HOA. That’s why HOA fees are generally higher for townhomes.
There are two main ways to own a townhouse. If you own a condominium townhouse, your duties are the same as if you owned a condo unit. Your HOA fees cover the outside of your unit and all shared areas. You own the things inside your unit. If you buy a fee-simple townhome, you are responsible for the house and the land on which it sits.
