Understanding Terminology About Condos And Apartments

Understanding Terminology About Condos And Apartments If you are confused with all the terms and vocabulary related to real estate condos or apartments, then this article can shed some light to help you out and clear your confusion. Here is a list of common words and what they mean. This informative article is presented by Bartley ridge.

Alcove - This is an area adjacent to living room, which can be modified to create a bedroom. Generally, alcove refers to recessed space in a garden or room. An alcove can be any kind of separate or secluded area which is connected to a main area. Eating alcoves can also be called nooks.

Annual Budget - This refers to the amount of money you may need to shell out related to maintenance fees, repairs and other administration costs which is decided yearly by the condominium board.

Annual Meeting - The law makes it compulsory to hold annual meetings for discussing various issues related to the condominium.

Common Elements - These refer to those areas which are jointly owned by all condo owners together. Some of the examples of common elements are - hallways, rood, garage and recreational areas like gym or swimming pool etc. As a general rule of thumb, common elements refer to floors, walls and ceilings.

Studio - This refers to a 2 room apartment in which the kitchen is considered to be one of the rooms.

Furnished Units or Furnished Apartments - These refer to those apartments which are equipped with necessary furniture so that people can move in and start living. Many luxury condo owners offer furnished units in order to attract more customers by adding value to their condo.

Common Property - These refer to those parts of the building or land which are not owned individually. The Strata Act will provide details about how these are to be handled. Visit us for more information on Bartley ridge condo.