| Arizona State has a fast growing population as | | | | many forms. A condo can be one of two or |
| shown by population statistics taken in 2006, | | | | more units under one roof or a townhouse, an |
| which means that people are interested in | | | | updated or remodeled former factory, firehouse, |
| relocating or coming here for better business and | | | | mansion etc. It can also be an apartment in a |
| employment prospects. The state's economy is | | | | high-rise, one side of a duplex or other unique |
| poised for growth and this factor will reflect | | | | arrangement. |
| positively on the real estate market. Making a | | | | Q: What are the different types of condos? |
| home investment here is a good option, because | | | | A: Condominium A Single unit, most often |
| the value of real estate will rise in the years to | | | | resembling a more finely finished apartment or |
| come. | | | | loft. Locally these are found in complexes large |
| There are different types of home properties | | | | and small, high-rise or low-rise. Owner has title to |
| available in Arizona. As of right now with the | | | | interior space of unit and shared title to common |
| growing population and the real estate market in a | | | | areas in the complex. Condominiums are governed |
| dismal place my people have been staying away | | | | by a condominium board of directors (voted by |
| from the traditional single-family home and sales | | | | residents) in accordance with the bylaws and |
| for condominiums have increased. | | | | covenants, conditions and restrictions. |
| Condominiums in Arizona offer great value for | | | | Q: Who takes care of maintenance? |
| your money, with spacious home designs and the | | | | A: Condominium owners form and belong to an |
| latest in interior design. Interested buyers will find | | | | association that takes care of tasks such as roof |
| various types of condo units ranging from one to | | | | maintenance, siding, upkeep, and grounds keeping. |
| three bedroom units that may or may not include | | | | The association owns and maintains common |
| a patio and much more. Many condo units offer | | | | areas which might include tennis courts, party |
| facilities such as swimming pool, tennis court, gym, | | | | rooms and swimming pools. |
| elevators and areas for relaxing and hanging out. | | | | Q: Where does the money come from for these |
| These common areas are great places for | | | | things? |
| residents to meet each other. Buyers should | | | | A: Owners pay maintenance fees to the |
| check out such facilities to choose a condo unit | | | | association for upkeep and to create a reserve |
| that has the exact feel that suits their lifestyle. | | | | fund sufficient for important projects such as |
| Buying a condominium is a good investment option | | | | roofing replacement. Owners serve on the |
| because condos can offer easy maintenance | | | | association board to establish and enforce rules. |
| home options. The owner's right to property | | | | Some associations might be very strict about |
| begins from the interior of their condo unit door | | | | what owners can and cannot do. Make sure that |
| and they have to look after just this area, while | | | | you look over the rules and regulations before |
| outer areas and home exterior areas are | | | | you commit to a purchase. Many condo's have |
| maintained by the maintenance staff. All owners in | | | | pet restrictions and rules against renting out units. |
| the building have to contribute maintenance fees | | | | Q: What about homeowners insurance? |
| for the common areas. Every condominium | | | | A: Your condo association has a master insurance |
| building has a Home Owner's Association (HOA), | | | | policy that covers the outside of the building's |
| which lays down rules that all residents must | | | | structure, including the roof and common areas |
| follow. | | | | from the pool to sidewalks. The master policy will |
| When considering the purchase of a condo unit, it | | | | not insure the inside of your particular unit or any |
| is important for buyers to look into HOA rules. | | | | of your personal belongings. You must take out a |
| The rules put forth by the HOA must be | | | | separate homeowner's policy to cover these |
| acceptable as with the maintenance fees. Another | | | | things. |
| point here is insurance, homeowners must take | | | | Q: Do condos prices rise in value as fast as |
| out a home insurance policy to cover the interior | | | | single-family homes? |
| sections of the home, while the HOA will take | | | | A: The Northwest Multiple Listing Service reports |
| insurance to cover any damages to the common | | | | condo value trends rising as fast as or faster than |
| areas. | | | | single-family properties. These trends can change |
| Q: What is a condominium? | | | | but for now condos look like a good buy for |
| A: A "Condominium" is a form of ownership and | | | | many years to come. |
| also a style of dwelling. In fact condo's come in | | | | |
