Condominiums Are Not a Carefree Lifestyle

Condominiums are not a carefree lifestyle

 

Most homebuyers are led to believe that buying a condo

is investing in a carefree lifestyle

This is far from the truth

 

Condominium Associations are a Business

  • All Associations have a Board of Directors
  • The Board of Directors enforces the rules, as outlined in the governing documents

Rules must be followed

  • If rules aren’t followed, owners can be assessed Fines
  • Owners may also have their access to the common areas restricted

Condos are not entirely maintenance-free

  • some of the condo maintenance may be your responsibility.  This may include: doors, decks, windows, window frames, hvac and more
  • What owners are responsible for is outlined in the condo’s governing documents

Owners can’t control the finances

  • The Board is responsible for preparing the Association Budget
  • The Board determines the amount of the Assessments
  • The Board determines what to repair, when, and when to defer maintenance
  • The contractors are hired by the Board members
  • The Assessments may be affected by the cost of living, age of the building and cash-flow management

 

 

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