What is "limited common area?"
What Is Limited Common Area?
Unfortunately, a discussion of limited common area usually does not occur until a repair or replacement of this area is needed, and then the homeowner involved is usually upset at the very least.
What is a limited common area? It is that area considered a part of your unit, whose use would typically be limited to only owners of that unit. Probably the best thing to do to illustrate this point would be to describe a few of these areas most typically involved in that discussion. The first to come to mind are decks or patios, balconies, too. Because the wear and tear upon these items are generally limited to the occupants of this unit, they will typically fall into this category. Other commonly named areas include outside staircases to second level units and also private walkways.
What is the significance of calling these areas “limited common areas?” Cost. When these areas do, in fact, need repaired or replaced; the cost to do so falls upon the unit owner in question. Apparently the thinking behind such a ruling is that because each unit owner would typically have such an area, and that unit's area would be subject to the wear and tear put on it by the unit's owners, then it would make sense that each unit owner would shoulder the responsibility of fixing their own area. While this seems to make perfect sense, it often comes to light only after the purchase of a condo and then it does not always set well with the affected party. Knowing this upfront as an educated buyer when evaluating all aspects of condos for sale, will lead to a more enlightened decision making process
Condo living is super and the more you know about it before you make your initial investment, the better off you'll be!
Dan Zimmer has been actively engaged in the residential real estate market in the Dayton and Cincinnati area for more that 30 years. If you need help in finding that perfect condominium to call your new home or for help in selling your condominium, please call Dan at either 937-885-8821 or 513-846-2997, or write him here at email@example.com.