Condominium Owners’ Associations: The Nuts & Bolts

Buying
A condominium is multiple-unit complex where the units are individually owned, and each owner owns the space within the unit, including the drywall. All owners share in joint ownership and maintenance of any common elements. 

If you are a condo owner, you can expect the requisite fees to cover common expenses. Typically these fees cover insurance on the building, maintenance of common areas & amenities, water & sewer, cable, Internet, staff & management, reserves, garbage, and other possible items. The more common areas and amenities, the more your fees will be. The board of directors plans the budget every year based on projected and real expenses. 

Considering condo ownership? Make sure you understand the fees and what they cover. Equally important are documents that administrate the condo. Part of your due diligence is to review these associated documents: 

   •  Declaration of Condominium 
   •  Articles of Incorporation 
   •  Bylaws & Rules 
   •  Frequently Asked Questions & Answers 
   •  Condo Governance Form 
   •  Most Recent Meeting Minutes 
   •  Latest Annual Financial Report 

Condo sales account for over half of what the Sold in Paradise Team sells. We know the condo market well—from Okaloosa Island through Scenic Highway 30A. Considering buying? We would love to help you navigate the purchase of a condo. Considering selling or just interested in knowing your condo value? We will help you accomplish your goal. 

The spring selling and buying season is in full bloom!