Today is

By: Ikedi Ani-okoye.

Condominium buying

The city's beach front condominiums are the most popular, and probably the most expensive ones to acquire. If one wishes to save money and buy a less-costlier unit, the wiser choice would be to buy a condominium unit that is located a few blocks away from the beach.

Condominium Act

The Rhode Island Condominium Act (the "Act") prohibits discrimination by local law against condominiums. "A zoning, subdivision, building code, or other real estate law, ordinance or regulation may not prohibit the condominium form of ownership or impose any requirement upon a condominium which it would not impose upon a physically

identical development under a different form of ownership, or otherwise regulate the creation, governance, or existence of the condominium form of ownership" (R.I.G.L. 34-36.1-1.06). Unfortunately, discrimination against the condominium form of ownership has been common in Rhode Island.

Condominum demand

The heightened demand for condos has given way to the conversion of apartments into condos. Many apartment owners here are hiring developers, or the developers themselves are scooping up every available property, and converting them into middle and upper income condo units.

This rush for building these units is not without reason. Apart from the many amenities they offer, the major factor driving the condo boom among investors and buyers is location, and architecture. Condos have seen a 33.3 percent rise in the last decade, and they now account for around 12.8 percent of the housing market.

CONCLUSION

Condominiums are simply a collection of units in a structure or structures. All property on the interior of the unit is yours with few limitations. Everything outside of the unit, however, is considered to be in the common areas and subject to administration by the homeowners association for condominium communities. As with any bureaucracy, this can lead to problems.