Condominium
Associations
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A
Brief Explanation of What Condominium
Associations are:
There are three features
that make condominium association
homes different from traditional home
ownership. Below are the 3-factors
on Condominium Ownership:
1. You share ownership
of common land and have access to
facilities such as swimming pools
and other recreational facilities
that often are not affordable any
other way.
2. You automatically
become a member of a condominium association
with all other homeowners, and as
such must abide by association rules.
3. You agree that you
will pay an "assessment"
(a regular fee, often monthly, that
is used for upkeep of the common areas,
pool, maintenance of all buildings,
garbage pickup, homeowners insurance,
etc.).
There are many advantages
to living in this kind of development.
The community usually features attractive
combinations of well-designed homes
or buildings and landscaped open spaces.
 The homes/buildings may even cost less than
traditional housing due to more efficient
use of land. Parks, pools and other
amenities, often too expensive for
you to own alone, can be yours through
shared ownership.
So now you have a chance
to own and enjoy the pool, tennis
court, or other recreational facilities
that may have been unaffordable previously.
What's more, you won't have direct
responsibility for condo maintenance,
so you won't have to clean out the
pool, fix the tennis nets, and you
may not even have to mow your lawn.
But that doesn't mean you'll never
have to think about it.
The condominium association
operates and maintains these shared
facilities. Of course, you'll pay
your share of the expenses, and you'll
have a shared-voice in the association's
decisions, including its operations,
budget and condominium management
association selection.
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