Because terminology for condominiums varies from country to country we will try to clarify what it means when buying a condo in Ajijic, Lake Chapala, Mexico. This is part of a booklet we have "How to Buy a Condominium at the Lakeside".
WHAT IS A CONDOMINIUM?
A legal form of ownership.
Not based on the construction – it may be
•Detached
•Semi-detached
•Row houses
•Duplexes
•Apartments•Cluster houses
Owned outright by an individual.
Shared ownership with the other owners of Common elements
Colonus fees - owners share payment for the upkeep and maintenance of the common elements.
Reserve fund - money for long term or unexpected repairs.
Special assessments needed for special purposes.
Fraccionmiento fees - a condo may be in a subdivision, so two sets of fees may be payable.
Most gated communities have a condominium regime with a board of directors (formed after construction is complete).
If some of these terms are new to you or not clear, use a realtor who knows condominiums.
Do your homework:
Ask your real estate agent how the condo association is organized - there are a few differences.
Research the condo management track record How are the condo fees allocated? How much money is in the reserve fund? Are there any pending Special Assessments?
Ask to read the constitution and by laws. Are they protective, restrictive?
Consider the buildings condition. Consider having a professional inspection as a condition of your offer.
Talk to residents
1. Ask your realtor what the condo fee is on any unit that you are considering. Check what services it includes and what is not included. Are there any other fees? A fee may seem high, although it may contain almost all your monthly expenses and be less than that paid out for a home that is not part of a condo regime.
2. Make sure that the fee fits within your personal budget for the month.
3. Feel that it suits your personal lifestyle.
We offer a Lakeside Condo Comparison and check list to help you through the process.