TAILIEUCHUNG - SUCCESSFUL APARTMENT LIVING

Condominium ownership is ownership of a unit, usually in a highrise. Condominiums can also be townhouses or lowrises. Condominium ownership means you own the unit you live in and share ownership rights for the common space of the building. Common space includes areas such as corridors, the grounds around the building, and facilities such as a swimming pool and recreation rooms. Condominium owners together control the common areas through an owners’ association. The association makes decisions about using and maintaining the common space. Rental Rental gives you the right to live in—but not sell— an apartment or a house. It is possible to rent any type of housing, but most rental units. | Successful Apartment Living contents 1. Executive Summary and Recommendations 2. Management of Apartment Developments 3. Other Factors Affecting Apartment Living 4. Privately Managed Housing Estates 5. Detailed Recommendations 6. Acknowledgements 7. Bibliography Evelyn Hanlon Private Housing Unit Housing and Residential Services Dublin City Council June 2006 - 1 - Successful Apartment Living 1. Executive Summary Introduction In light of the City s ambition for more sustainable urban densities it is both inevitable and appropriate that apartments will become the dominant housing form for Dublin in the future. This paper is intended to stimulate discussion about Dublin City Council s role and contribution to making apartment living more attractive. The paper is separated into three topics a management of apartment developments b factors other than management that impact on successful apartment living and c privately managed conventional housing estates. Management of Apartment Developments Apartment living necessarily involves a high degree of interdependence between unit owners who own and share the communal spaces and the external structures of their apartments. This interdependence is the reason why some form of overarching body is needed to own manage and maintain these shared areas. Residential management companies hold the lease to the common areas in both apartment developments and privately managed estates. They also hold the lease to the external structure of apartment buildings. The most common legal form of management structure in apartments is a company limited by guarantee. This format was borrowed from the commercial and industrial property sector with some minor adjustments. The company limited by guarantee structure is a development of companies limited by shares. The regulation and reporting requirements for a guarantee company are the same as for a company limited by shares. Both are subject to the requirements of the .

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