Condominiums are a popular housing choice for many people and have some distinct advantages over single family homes. A Condominium complex can have amenities like swimming pools, tennis courts, community center, exercise rooms, and on site security. In most cases in New Mexico, Condominiums are less expensive than stand alone homes. Condos are also an excellent option for people that travel a lot and are part time residents. Condo living is not for everyone but if you are looking for the pride of home ownership without some of the repairs, maintenance and additional chores associated with a single family home, a condo may be for you.
The term Condominium refers to a type of legal ownership arrangement (shared ownership) in a property and can be used for many different types of buildings. A condo can be a two unit building, a multi-unit high-rise, or anything in between. An owner of a Condo owns the individual unit, and shares ownership of the common areas with other owners in the complex. Usually with a condo you do not own the land.
In most condominiums in Albuquerque an HOA (Home Owners Association) is set up to manage the property with the direction from a board of directors. The board is comprised of condo owners and sometimes building managers. In most cases a monthly HOA fee is assessed to all owners to cover the costs of the common areas, community amenities, and sometimes utilities or other services depending on the arrangement. The HOA dues are usually re-assessed yearly and may adjust depending on budgetary needs.