What exactly is a condominium?
Many begin thinking of living in a condo, but not sure what’s involved, especially if they are coming from residing in a more traditional-style home.
Condos aren’t townhomes, and they’re not apartments. They are unique to themselves with specialty floor plans, amenities and even outdoor spaces. There is one primary difference though when it comes to condominiums.
Tom Romans, general manager at The River Oaks, 3433 Westheimer, explained that a condo is technically a “form of real property where portions of the real property is designated for separate ownership or occupancy, while the rest of the property is directly owned in undivided interests by the unit owners.”
In more layman’s terms, condominiums are individually owned. Residents, who either own or rent them, have a shared interest in the surrounding property, which typically include a pool, fitness room, meeting space and other common elements.
In addition to ownership, condos also are unique in the fact they are managed by the community’s homeowner association typically working with the assistance of a property management company. With the HOA, homeowners can serve on the homeowner’s board and have an input on how their community is being run. Similar to a business, the board sets the budget, hires the manager and enforces the rules of the association.
“Oftentimes, the association will hire a professional management company, such as FirstService Residential, in order to have dedicated managers overseeing the property. This allows the board to focus on the overall direction without the day to day demands of running a business,” said Romans.
Also, specific to condos are the varying levels of service and amenities different buildings can provide, Romans said. These can range from a building that offers minimal service or a facility such as The River Oaks, which features 24-hour concierge service, valets, a staff of housekeepers and engineers, and even a dedicated specialist to assist in planning community events and private functions.
To maintain these amenities, there are dues paid by condo owners. “Condominiums collect monthly dues from the owners for use in maintaining the facility, paying the staff, purchasing supplies and paying for expenses related to the common areas,” Romans said.
Condos themselves have changed over the years, and aren’t the same properties they were even several years ago, he explained.
“Condominiums have become increasingly more sophisticated in meeting the needs of the owners by allowing them to create their own personal space while enjoying resort-like amenities. There is a real movement towards creating events for residents to meet their neighbors, and to partake in activities that enhance their lifestyles,” he said.
How has the evolution of condos impacted potential clients and residents?
The answer is simply they have the opportunity to enjoy the components of community, service and flexibility. In addition to the amenities, they also have the chance of being as private or social as they desire.
“It’s a neighborhood without sidewalks,” Romans said. “In terms of service, our staff will greet residents as they arrive, carry up their packages and park their vehicles. If any assistance is needed, the Concierge is available to respond.
“Finally, the flexibility to come and go without having to make multiple arrangements.
“For those who have grown tired of the expense and effort in keeping up a private residence, condominiums offer a tremendous benefit.”