Frequently Asked Questions
What is a condominium?
This refers to an ownership concept rather than a housing style. A
condominium is owned individually and has an association to share
the costs of maintenance, security, and recreational extras that
would cost much more on an individual basis. As a condominium owner,
you receive title to a particular unit defined in the association
documents, and an equal proportionate interest and use of the common
areas.
Do I need to purchase separate homeowners insurance?
Condominiums have a blanket policy for building insurance
and it is included in the association fee. Coverage for your
personal property is not included and is optional, but recommended.
Can I have pets in my condominium?
Yes, you can have two pets under twenty pounds each.
What about property taxes?
A condominium is a piece of property, and condominium owners pay
property taxes. Like income taxes, most buyers prefer to pay
property taxes a bit at a time, rather than at once, so lenders will
include an amount for taxes in the payment you send in each month.
What's the reserve?
As time passes, the necessity arises for repair and/or replacement
of items such as the roof, balconies, heating system and the like.
Should the condo association wait until these issues actually arise,
a large amount of money would have to be collected in a short amount
of time from the condo owners, in the form of a "special
assessment." Rather than wait until that time, it is typically more
sensible for the association to save a bit of money every month from
each condo owner's assessment fee and put it toward the reserve,
where it can grow and earn interest until such time when it is
needed.
How does the condo association work?
The association's main purpose is to control, regulate and maintain
the common elements of the property. Through the bylaws, the
association's board of directors is authorized to regulate and
administer the affairs of the property, especially in regard to
maintenance and repair of the common elements. The association has
the authority to assess and collect sufficient money to maintain the
common areas and to ensure the financial stability of the condo
property.