Is Condo Association Living Right For You?

The condo association, which is comprised of the homeowners, is responsible for maintenance, operation, and finances of the complex.  A well-run condo association can offer considerable convenience and benefits for owners.  On the contrary, a poorly run condo association can create headaches, hassles, and hardships. You can expect to pay monthly condo association fees or dues that cover operating costs of the complex.  Those fees can be steep depending on the amenities offered.  You can also expect the association to make and enforce condo rules and enforcements that are designed to maintain a harmonious look and feel of the complex.  Some condo associations have lots of rules.  Others have few rules.  Some rules are reasonable, and still others can be intrusive.  Rules govern everything from your number of parking spaces to restrictions on visitors.  As an owner, you are required to abide by all of the rules whether you like them or not.

Before You Buy
A few general rules of thumb when considering a condo purchase are:

• Meet the folks who would be your new neighbors.  Find out what they like or do not like about the complex and the condo association.

• Check out the financial solvency of the condo association.  You do not want to find out about financial difficulties and be presented with an unexpected significant fee after you move in.

• Get the facts on owner-occupied versus rental units.  A predominance of rental units can present challenges of its own.

• Learn about the rules.  Read the condo bylaws to gain a clear understanding of how the association is organized and what the rules govern.

• Read the master deed or have an attorney review it.