The need to acquire a condominium residence is gaining popularity in the modern-day. Members of condominium associations enjoy unlimited access to clubhouses, swimming pools, and other state of the art amenities at affordable prices. Before you purchase a condominium, you need to understand its inner workings.
A Condominium Association is a Gated Community
A condominium association is more like a club with a strict set of rules and regulations that every resident must abide by.
When you move into the planned development, you must join a Home Owners Association (HOA). You get joint access to swimming pools, golf courses, and clubhouses with your neighbors.
Which Fees are Applicable?
Members pay the HOA fees required for registration, upkeep, and maintenance of structures. The fee paid ranges from state to state. Other factors considered include the quality of amenities that are available at your disposal and location.
The state laws have a limit for the amounts to be paid by the members of a Condominium Association.
Who Manages the Condominium Association?
An elected board of directors manages the Condominium associations as per the requirements of state laws. Any owner of a unit in the establishment can vie for a position at the table of the board of directors.
The board is in charge of supervision of projects and the formulation of policies affecting the entire establishment in the present and later in the future.
Do Condominium Associations Accept Insurance?
State laws govern the insurance covers required by the homeowner and the condominium HOA. The florida condo law, for instance, requires all condominium HOAs to insure all its common property. Each unit owner is required to insure all personal property. The state department’s website has full information on all property that you should insure.
Moving into a condominium unit can be quite a relief from the payment of hefty mortgages. Before you make the shift, you need to understand and recognize the fact that the membership of a condominium association has a hefty price. You pay the price of loyalty by adhering to the CC&Rs. Fines are applicable in case you break the rules and regulations.