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Furthermore, these shared areas and amenities are enjoyed by all condo members without the need to maintain them on their own. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Every once in a while something big (e.g., a roof or an elevator) gives out, and there aren't enough reserve funds to cover it.
In that case, the condo owners will have to pay an extra fee for these additional expenses, typically tacked on to the usual monthly condo fees in small amounts until the assessment is paid off. Regardless, using the term “flat” in your hunt for this specific type of apartment might bring you more relevant results. Plus, as a homeowner, you’ll build equity over time and may have access to the tax benefits that come from owning property. British renters will likely refer to any single residence in a building with other such residences as a flat.
You might use the same rec room or roof deck, or bump into one another at the condo complex's swimming pool or gym. Instead, condo owners pay dues to a board (typically made up of elected condominium owners) who then handle the hiring of landscapers, pool cleaners, and other professionals for anything that must be maintained or fixed, from faulty elevators to gopher infestations in common areas.
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