Condo Ownership – who owns what?

Condo Ownership

Condo or a townhouse ownership is different than owning a single family home. You’re responsible for less when you own a condo. However, you’ll also need to pay a fee to the homeowners association (HOA) to pay for those services.

The HOA’s Responsibility

You’ll pay a monthly fee to the HOA when you purchase a condo. These funds go towards the maintenance and amenities supplied by the HOA. Most condos offer certain amenities to residents, such as a clubhouse, outdoor pool and recreational facilities. However, not all HOA’s have amenities.

The HOA also is usually responsible for common area maintenance. Typically this applies to the amenities, in addition to lawn maintenance and snow removal. Some HOA’s also provide garbage pickup. Almost always, the HOA is also responsible for maintaining the exterior of the buildings. This typically includes the roof, siding, driveways, parking lots and walkways. However, windows and doors are usually considered interior items, thus they are the responsibility of the owner.

The Homeowners Responsibility

With condo ownership, in addition to the windows and doors, the homeowner is responsible for maintaining and, if necessary, replacing the heating and cooling systems, electrical and plumbing systems, all appliances and any interior items.

Bottom Line

Most condo complexes have similar rules and regulations. But rarely are they identical. Therefore, before purchasing, you have the right to read the Bylaws and Regulations. This is the best way to learn exactly what you can and can’t do, and exactly what your responsibilities are.

When it’s time to either buy or sell a home, call us. Call Bunny and Art Reiman – Realtors. Let us help you as we’ve helped hundreds of other families achieve their real estate goals.

Would you like to search for condos in other Monmouth County towns?

By Kalhow

Bunny and Art Reiman - Realtor Associates in Monmouth and Ocean counties, NJ. They are full time Realtors. Long time Monmouth County residents, Bunny sold her first home in 1978, and Art joined her in the business in 2003. They've helped hundreds of clients buy and sell homes, and the would like to help you too.

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