This article will list some of the subjects that cause condo problems. Owners and buyers alike can end up with some of these problems, or others. In addition to the owners, these problems could be easily overlooked by buyers who don’t do their homework before buying.
What should be a decision to purchase that yields a wonderful place to live can be full of condo problems. An owner may have some of these problems themselves or have neighbors that have no knowledge of or choose not to live by the rules.
This list could easily include many problems, but I’ve chosen some of the most important ones. If the rules about these subjects are not known or understood, small problems can turn into nightmares!
- Can I have a pet? What kinds are permitted? Is there a size or weight restriction?
- Can I run a business from my unit? Even a home-based computer business?
- Can I lease my unit out? If so, are there restrictions I must put in my lease?
- Are there age restrictions? Is it a senior, over 55, or all adult complex?
- Are there any special assessments? If so, what for? How long do I have to pay them?
- A condo is a business and, as a unit owner, you are a member of the condo corporation.
- Remember to check out the financial status, any lien against the unit(s), and % of rentals---a high percentage of rentals could affect market values. That would be one of the biggest of the condo problems!
- What insurance coverage does the association have and what should I have?
- Get copies of all the governing documents. You must read them to find out what you own and what you do not own.
- Ask the residents! Visit your prospective neighbors; they will tell you about the reality of living in that association.
Condo ownership has become quite popular throughout the United States. It seems as though living in a condo development might be the right decision for many people. Owners can benefit from a very efficient and sometimes luxurious way of enjoying a nice lifestyle, without all of the problems.
Condos come in all shapes and flavors and each association has its own rules. You cannot assume that your friend's condo that is free from problems will be the same for your condo.
When associations do have problems, owners don't want to volunteer. If the association is not governed by capable, caring people, or if it isn’t collecting the annual or monthly assessments properly, then the community probably won’t be a great place to live. The owners who live there may sell their units.
The success of the association is directly related to the ownership that obeys all the rules and the wisdom and professionalism of the board of directors. If the owners understand the governing documents and the board of directors is functioning properly, then the entire community should be an exciting and desirable place to call home. If not, condo problems will most certainly arise!
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