What is Landominium?
A landominium is a housing community in which residents own the housing units as well as the land on which they are built.
How Does Landominium Work?
Typically developed as retirement communities, landominiums are usually multiple single-family homes surrounded by a plethora of amenities, including gardens, parks, golf courses and recreation facilities. Occupants own both their homes and the land itself.
Maintenance and beautification of a landominium are governed by a board of homeowners. The board determines the overhead costs of maintaining the complex's public spaces (for example, walkways, parks and any shared facilities) and the fees residents must contribute each month. Residents assume joint and several responsibility since they all own the land itself.
Why Does Landominium Matter?
It is important not to confuse a landominium with a condominium. In a condominium, residents own only the individual units of a building. The land is typically owned by the development company. As a result, condominium residents have no obligations in connection with the actual land. An independent company typically maintains the structure and surroundings in return for a monthly fee.
Personalized Financial Plans for an Uncertain Market
In today’s uncertain market, investors are looking for answers to help them grow and protect their savings. So we partnered with Vanguard Advisers -- one of the most trusted names in finance -- to offer you a financial plan built to withstand a variety of market and economic conditions. A Vanguard advisor will craft your customized plan and then manage your savings, giving you more confidence to help you meet your goals. Click here to get started.
Read This Next
If you save $1,000 today, what will it be worth 30 years from now? Luckily, you can skip the crystal ball and use a pretty simple formula to get an idea of what your future...Read More →
“You can’t time the market.” -- The first and last rule of...Read More →
The thought of inflation strikes terror in the hearts of many Americans. For most of us, times are tough enough as it is. The last thing anyone wants is for the...Read More →