Condo - Condominium

condominium - From the latin, meaning joint domain. This is most commonly known as individual ownership of a unit of construction, with interest in and the entitlement to use of the common areas, as in a building.

Condo Rentals

For those interested in vacation rentals, it may help to understand the upside and downside of condo rentals before renting. An appreciation of the owner's situation can prevent unhappy or spoiled vacations.

Condominiums come in many styles and sizes. From detached units on common land areas to small buildings with a few units to large high rise condos. As fitting the definition, all units are individually owned and owners have an interest in and are entitled to use the common areas such as driveways, parking lots and walkways, etc. Some common areas are not so common in more sophisticated condos which may have waterfront docks, golf courses, beachfront, and a variety of activity areas. 

Ownership in most condominiums comes with certain responsibilities for the upkeep and maintenance of the condominium complex. Besides paying for the common areas, owners are required to keep their condominiums in fashion with the other condos; for some that means that they cannot be structurally changed or even painted a different color. Owners also may have rules to follow regarding pets, use of the common areas, noise abatement, limitations on the number and age of guests and a variety of other regulations.

Generally, the condo must be approved for use as a vacation rental by a governing board within the condo complex. These boards often apply more stringent rules and exceptions for the common use areas because of the nature of "guest use." The guests may not have full access and privileges to the common areas or may be required to pay additional costs for these rights. The owner becomes responsible for the guests.

When inquiring about condo rentals, be sure to discuss the extent of your privileges and responsibilities at the condo and negotiate any special fees up front. Knowing exactly what's expected of you and your family can insure a happy, memorable vacation.