Rules and Regulations Of Condominium Associations Apr19

Tags

Related Posts

Share This

Rules and Regulations Of Condominium Associations

002You spend a lot of time and money on your condo in order to make it nice. It can be frustrating when you spend so much energy on your condo just to see other condos in your area fall into disarray because of poor upkeep in your community. It would be nice to know that the value of all your hard work is not wasted because of these few people. Many communities may offer the services of a condo association; in this association, everyone who belongs is required to follow a set of rules and regulations or face fees or eviction. By having a condo association in your area, you can ensure that certain standards must be met by everyone in your community and that the property value of your investment will not decline because of one or two people in your community.

Ownership

In a Condo Association, not only do you own your individual unit, you also own a percentage, shared along with the other owners in the community, of all common areas such as hallways, gyms, and pools; the percentage that you own is not able to be sold on its own. As an owner you will hold one vote in all meetings for the association in order to vote on changes to any laws, repairs, replacements, and special assessments.

Bylaws

The community in which you live will determine the rules and guidelines, which you must follow; your community may hold different guidelines from those in another community so if you move to a new area it is important to read through your condo association guidelines to ensure that nothing is missed. You will receive a document upon joining the association, which will explain all expenses, duties, insurance parameters and all other information, which you will require.

Assessments

An assessment is a fee that the condo association requires with all condo ownership in order to take care of duties such as snow removal, maintenance of the common area, and exterior maintenance of the condo community; this fess may also be applied to special repairs needed in the community such as roofing or repair of lawn. Everyone in the association must pay these assessments every month in order to remain in the community and to provide a higher standard of living for the community as a whole.

Important Documents

If you are interested in finding out more about what your condo association is up to and how assessment fees are allocated each year, each community must have an annual budget, along with a reserve study; these will show any budgets and funding projections for the next year and beyond for plans with the condo community.

If you would like to know more about what a condo association can do, contact HOA Pulse at 480-788-4031. They can answer any questions you have.

001

Be the first to like.