Buying a condo goes hand in hand with becoming a part of a condo association. While you may have heard some scary stories about condo associations, before passing judgment, we’d like to debunk a few common myths about them so you can make an informed decision next time you’re eyeing up a condo.
1: Board Members Are Power-Hungry
It’s important to remember that board members are homeowners themselves, so the decisions they make affect them as much as they affect other residents. They choose to serve on their boards because they genuinely care about improving their community. In addition, board members must abide by the same governing documents that apply to everyone else in the community.
2. Fees Can Skyrocket And You Don’t Know Where Your Money Goes
Typically, there are limits on how much an association can raise assessment fees each year set in the governing documents. The governing laws also require the board to offer the annual budget to homeowners by providing a budget report or instructions on how to obtain one. In addition, well-managed associations have reserves to cater for major repairs and capital improvements, eliminating the need for fee increments.
3. You Lose Money By Paying For Amenities You Don’t Use
This is not necessarily true. Amenities may include anything from a community swimming pool to social activities. These amenities increase your property’s value and may be very attractive to potential buyers in the future.
4. Condo Fees Include Maintenance You Don’t Need
Common areas are constantly being maintained and cleaned by your condo association. They will keep your home’s exterior paint job fresh and make sure your parking area is in tip-top shape. If your condo has a pool, you never have to worry about pH levels, cleaning, or repairing a broken pump. Your association takes care of all maintenance. Reserve funds are also in place to cover emergencies like a roof replacement or a HVAC system refresh. Your fees include maintenance work you do need because if something breaks or malfunctions, the price of a major repair job costs a lot more.
5. Condo Associations Impose Strict Regulations
It’s true that residents of a condo association are required to follow certain rules and regulations. But these limitations only protect the members’ interests. Regulations requiring residents to contribute to the upkeep of shared resources can make you increase the value of your home. Additionally, guidelines on how to use common spaces and a limit on loud music for instance promote harmony, while also providing a welcoming environment for all. The enforcement also saves you the trouble of dealing with members who break the rules.
If your association is looking for a property management company, request a proposal today!
