Owning at FEE SIMPLE - what it means
Posted By: Ute Appleby
In: Buyers Information
Date: Wed, Oct 26th 2016 9:25 am
In general there are two types of ownership in a townhome community....Fee Simple and Condominium.
Fee Simple almost always means that you are responsible to pay for the exterior maintenance of your townhome. Although you will pay a monthly fee, it generally only includes coverage of the common areas of the maintenance of the land upon which the townhome community is built upon.
Condominium ownership generally means that all exterior maintenance is paid by the Condominium Association to whom you pay a monthly or annual fee. You most likely would only need to insure your home from the inside walls and furniture...like a renters insurance.
Simply put, a Fee Simple Townhome means when the Home Owners Association tells you that your deck needs to be painted you must do it and pay for it out of pocket. Same goes for Roof and other exterior maintenance as prescribed by the homeowners Association.
It is highly advisable that you obtain a copy of the Condominium Documents from the seller or Homeowners Association as well as the latest financial statement for the community. Knowing how much money is in reserve along with projected long-term community expenses is key to understanding if and when Homeowner Association fees may or may not increase on a monthly basis.
Town home living is convenient and easy. No lawn to take care for and yard work on weekends. Just lock up when you leave and travel ! There are some amazing townhomes and condo available, in all sizes, luxury and simple, with and without porches or court yards. Check on my website to find what you are looking for: www.DefinitelyCharleston.com or write to me firstname.lastname@example.org
Ute Lisa Appleby, Realtor