A condominium is a type of housing tenure where pieces of the property are individually owned and common facilities like elevators, hallways and exterior areas are controlled by the property owner’s association. It is similar to an apartment but instead of the residents renting, the residents own the unit.
The process of developing new and existing properties and buildings into a condominium form of ownership is referred to as condominium planning.
Types of Condominiums
Leasehold condominium is a type of condominium that is constructed on land or property, in which the developer only has a leasehold interest and approval from the actual title holder to create a condominium in the area. Since the developer only has a leasehold interest, the “unit owners” or purchasers of the condominium units only possess a lease contract on their units. The lease term cannot be more than 99 years and cannot be less than 40 years.
A Freehold Condominium is a type of condominium where ownership of the units is not leased and purchasers of the condominium units actually own the property. There are 4 classifications of a freehold condominium: Standard, Common Elements, Phased and Vacant Land Condominiums.
Standard freehold condominium:
The Standard freehold condominium is generally a condominium subdivided into units owned by individuals.
Common elements freehold condominium:
A condominium where only common elements exist and no individual unit ownership is present. These properties are created for people who wish to share usage and responsibility of a facility. Examples of common elements freehold condominiums are shared recreational center, parking facilities and community parks.
Phased Freehold Condominiums:
The Phased freehold condominium is a type of freehold condominium that is developed in phases or stages. This type of freehold condominium increases in size during each phase until the completion of the condominium project.
Vacant Land Freehold Condominium:
The Vacant land freehold condominium is a type of condominium in which no units are constructed during the time of registration and is usually comprised of bare land.
Condominium planning in Connecticut is an important part of your development project and civil engineering firm Godfrey-Hoffman & Hodge can help you accomplish this task through dedicated people and proven years of experience in planning condominium development in Connecticut.
• A condominium is a type of housing tenure where pieces of the property are individually owned and common facilities like elevators, hallways and exterior areas are controlled by the property owner’s association.
• The process of developing new and existing properties and buildings into a condominium form of ownership is referred to as condominium planning.