When most people think about a Property for sale in Mantua Nj, they think of single-family homes or mobile homes. However, for those that can’t afford or don’t want to live in a house, condos and apartments may also be owned. However, it may be more difficult to figure out what is truly yours as an owner of a condo and what is your responsibility.
No Land
It is important to understand that if you purchase a condominium, you do not own the land that the building sits on, but rather you own a unit within the building. The CC&Rs will tell you exactly what within the building or unit you own, so it’s important to read through them carefully and understand them.
What You Get
In essence, you will get the condo unit and an interest in the common areas of the condo building or project. This means that you can do what you want, to some extent, to the living space and will also be able to use the general common elements. Exclusive or limited options are available and may not be provided to everyone.
Look At the Map/Plan
The condo map or plan will help you learn what is yours and what is common property. These plans show the location of the unit and project, where your unit is located and where the boundaries are.
CC&Rs
The CC&Rs (Covenants, Conditions, Restrictions and Easements are also important. From these, you’ll learn what areas are part of your unit and what can be changed. Most people think they own their interior walls, but where does it end? Do you only own the surface paint, drywall or the interior surfaces? This may be important when considering whether or not you can hang pictures.
Exclusive, Limited, General Common Areas
General common areas or elements are for every person living in the condominium, whether they own or rent. These can include stairways, hallways and lobbies, as well as certain amenities. Limited options are available for some of the owners and can include patios. Sometimes, patios will be limited to use by those on the same floor. Exclusive areas are something that only one person can use and can include parking spaces, balconies and other options.
Property for sale in Mantua Nj may not mean you own a piece of land. It just means you have a place to live that you can purchase outright. Visit the website of to learn more about their availability or to contact them.
