A condominium, called “condo” for short, is a privately-owned individual unit within a community of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators and outside hallways and gyms, to name a few.Apr 20, 2021
Are condos considered a business?
No, condos are residential. Just like multifamily housing or Co ops. If you are living in them or renting them out to people living in them. There are commercial condos that provide a business and living space and those are commercial.
Is a condo considered a private residence?
More Definitions of Private residence Private residences include, but are not limited to, single family homes, town houses, duplexes, condominiums, mobile homes, and apartments. Private residences do not include hotels, motels, seasonal camps, and industrial facilities that do not also serve as residences.
What is considered a commercial residence?
Commercial real estate (CRE) is property that is used exclusively for business-related purposes or to provide a workspace rather than as a living space, which would instead constitute residential real estate. ... This broad category of real estate can include everything from a single storefront to a huge shopping center.
Is buying an office condo a good investment?
"Buying an office condo makes all the sense in the world. It allows us stability and control over the facility, allowing us to plan for growth and control our own destiny. Even if the property does not appreciate -- and it already has -- we're still building equity. It gives us a way to plan for our retirements.Apr 30, 2006
Are office buildings a good investment?
Why Investors Like Office Buildings Buy-and-hold investors seeking stable cash flow, inflation protection, and depreciation benefits to reduce taxable net income often invest in office buildings.Sep 2, 2021
Why do they call it a condo?
Condominium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is therefore 'joint dominion' or 'co-ownership'.
What is a condo and how does it work?
A condominium, condo for short, is a privately owned unit within a larger building of other units. Condos fall under a condominium association, which is legally responsible for maintaining, repairing, replacing and managing the common areas.Nov 30, 2021