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How does ownership of apartments work in California? In the UK, owning a flat is decidedly inferior to owning a house. In large blocks you will almost always h
by esotericn 8y ago
How does ownership of apartments work in California?
In the UK, owning a flat is decidedly inferior to owning a house. In large blocks you will almost always have a leasehold, which almost always means being subject to a whole host of onerous conditions from the actual building's owner.
Share of freehold arrangements exist in smaller properties like old converted houses. But that only increases density slightly, and these sorts of places aren't really built any more; new developments are usually huge tower blocks or little houses.
I'm looking at buying a place soon and will be going for a small freehold house simply because that's the only way to actually own property in the UK as far as I can tell. I've wasted far too much time on attempting to negotiate sane leasehold conditions.
- aaronblohowiak 8y agothe most common way is to own a condominium. You own your apartment and a share of the common spaces / common infrastructure. The common stuff is administered by a homeowners association (HOA) that you as an owner are a part of. you typically then have a mortgage for the loan against the apartment and HOA dues to cover things like maintenance and insurance.
- matchagaucho 8y agoMaybe just a matter of semantics, but high-density housing in the U.S. is mostly comprised of "condos" and "apartments". Condos are owned but must comply with homeowners association (HOA) rules on upkeep and maintenance. Apartments are rented and maintained by Landlord.