Condos are a popular real estate choice for those looking for a second home on the beach or to live in a bustling downtown metropolitan city. These residential buildings often have condo associations. Here’s what you need to know before buying.
Like an apartment, the facilities and common areas fall under shared ownership. These areas need to be maintained by someone. Having a condo association makes sure the grounds are manicured, the trash cans are emptied, the pool is cleaned, and the parks are maintained. The association takes care of these tasks using the money paid through association dues leaving your weekends free to enjoy the amenities.
Inevitably, disputes arise between two or more tenants. The condo association handles these disputes through a board of directors. If you are in violation of condo rules, you may receive a fine or letter from the association. Most associations also have insurance should things not go well through services such as Northstar Insurance Services.
The associations are normally run by an elected board with annual terms. If you are dissatisfied with the current board, you can always run to be on the board of directors and help change policies. Residents have the opportunity to stay active in their community.
Condo associations keep the buildings running smoothly from maintenance to resident disputes. The dues paid can help you enjoy living rather than working on your weekends.