Understanding Unique Aspects Of Condo Ownership
Condos; for some, the word conjures up images of easy luxury living devoid of most homeownership responsibilities. For others, it means retirement and a life of ease someplace sunny and warm. Yet, condos for sale are literally everywhere people are. You could live in a condo in Alaska, California, Kansas, Michigan, New York, etc. Rather than be thinking about where to buy your condo, you should be thinking and learning about the unique aspects of condo ownership. These aspects are not for everyone, which is why you should learn more before buying a condo.
HOA
Homeowner's associations are part of the package deal when you buy a condo. These associations set the ground rules for what you can and cannot do while you reside in your condo and on the shared condo property. On top of obeying a set of rules, you have to pay monthly dues to be a HOA member, and it does not come with the choice to refuse.
However, as a member of HOA, you attend your HOA's monthly meetings to learn about what is going on in your community. It is very similar to a board meeting; it discusses changes to the properties and changes in rules. New rules may be added, and everyone has a chance to vote. If the owner of the condos and property decides to sell all unsold condos and undeveloped neighboring properties, every HOA member gets to vote on that sale, too. In short, you might not like the rules and required HOA membership, but you might enjoy vetoing everything that goes on that you do not like.
What Your HOA Fees Cover
A lot of people do not like the idea of having to pay extra every month to live in a home that is their own. What they do like is what HOA membership fees cover. No condo owner ever has to do property maintenance, roof maintenance, roof repairs, building maintenance and repairs, plumbing maintenance and repairs, or electrical maintenance and repairs.
Everyone's HOA fees are thrown into a "kitty" that is used to pay professionals to do all of the above for the condo owners. It is akin to saving in advance for any work that needs to be done, and the whole community pitches in to help financially. If you like never having to find and pay any sort of contractor on your own, then condo living might be perfect for you.
