Purchasing a unit in a condominium offers many advantages to homebuyers. First-time condo buyers should familiarize themselves with some common condo misconceptions prior to considering this type of purchase,
The Management Company and the Condo Association Are the Same
Some condominium buildings are self-managed and the association hires staff directly to handle the association’s affairs. It is more common for associations to contract for management services from a professional management company.
Fees Cover Everything the Building Needs
Monthly maintenance dues pay for a building’s upkeep and typically include a contribution to a reserve account that can address unexpected expenses or repairs. In addition to regular dues, however, owners may have to pay special assessments to pay for capital needs projects.
The Association Is Responsible for Issues in Units
For the most part, associations are responsible for maintaining the common areas of a building. Residents are responsible for all maintenance needs inside of their own units.
The convenience of condo living is very appealing to a variety of demographic groups, and getting this type of home can make living in a desirable locale a lot more affordable. Nevertheless, it is important that homebuyers fully understand the dynamics of condo association membership before deciding that it is the right choice for them.