Her response was typical of many buyers…"why?"
- One of the appealing qualities about living in a condo community is the amenities. Most complexes have pools, fitness rooms, clubhouse facilities and the like for the owners use (common elements). These facilities are not cheap to maintain.
- In a condo building/complex there are routine expenses like upkeep, electric, landscaping, gates).
- The association is usually providing property insurance and some services like basic cable, pest control or water/sewer in some cases.
- There are usually professional management expenses.
- The association is hopefully maintaining appropriate levels of funds for the inevitable roof replacement, painting, (fund for reserves) etc.
- The association belong to the owners.
- The association obligations belong to the owners.
As a real estate agent I am not an attorney or CPA. If you have questions about a condo association financial matter or the rules and By-Laws consult an appropriate professional.
If you are relocating to Brevard County or possibly considering a condo for a second home, give me a call or send me an email.