MYTHS PEOPLE BELIEVE ABOUT CONDOMINIUM & HOMEOWNER ASSOCIATION LIVING

HERE ARE THE 7 MOST POPULAR!

I OWN MY UNIT, SO I CAN DO WHATEVER I WANT IN IT.
The Board maintains exterior colors & styles, including windows & doors.
You may not be able to lease your unit.
You must obey the rules even if you don’t agree with them.

LIVING IN A CONDOMINIUM IS MAINTENANCE FREE.
You enjoy the freedom of not performing exterior maintenance, but—you pay for it!
You might have to do some maintenance, if the governing documents require it —like patios, decks, windows, and doors.

YOU CAN TELL THE COMPLEX IS WELL MANAGED IF THE MAINTENANCE FEE IS LOW.
A low maintenance fee can mean the developer is still in control & he wants to keep it low for rapid sales.
The board & owners are not willing to increase the maintenance fee even it it means the property will deteriorate.
The board has done a good job of budgeting & setting aside reserve funds. Therefore, maintenance, repair, and replacement of capital items are covered by existing funds.

I DON’T NEED TO READ MY ASSOCIATION’S GOVERNING DOCUMENTS. THEY ARE ONLY FOR THE BOARD OF DIRECTORS.
As a buyer, the only way to know what you are getting into is to read all governing documents.
As an owner, if you understand the governing documents you will handle problems correctly.

MY CONDOMINIUM IS BRAND NEW, SO I DON’T HAVE TO WORRY ABOUT ANY SPECIAL ASSESSMENTS FOR A LONG TIME.
The developer may not have left the association with any reserve fund.
The association needs to correct some deficiencies left by the developer, who is long gone.

THE ASSOCIATION’S ATTORNEY WILL REPRESENT AND ASSIST YOU IN YOUR CLAIMS OF WRONGDOING AGAINST THE BOARD.
Normally, the attorney represents only the association.

DISPUTES ARE RESOLVED BY AN INDEPENDENT ENTITY WITH AN OPPORTUNITY TO EXAMINE THE WITNESSES & CHARGES.
Generally, the board issues complaints and decides the issues.

Kay Senay is the author of CONDO BUYING & OWNERSHIP MADE SIMPLE:
TIPS TO SAVE TIME & MONEY.
Visit the “BOOKS” link to order.