The Motley Fool Discussion Boards
Retirement Discussions / Retire Early Liberal Edition
|Subject: Re: intercst a Homeowner||Date: 10/15/2012 2:31 PM|
|Author: SeattlePioneer||Number: 45841 of 73494|
<<The fees pay for maintenance of all the common areas, which usually includes the building exteriors. >>
In a condo it usually includes the whole building and the land, excluding the paint on the interior walls of each unit. It usually includes all the plumbing and wiring and maintenance of the grounds and any other buildings.
It alos includes liability for the actions or failure to act of the condo association, and purchase of liability, fire and other insurance.
And while condo associations can sue homeowners who fail to pay fees and assessments, and sometimes cut off utilities to units if dues aren't paid, when defaults occur they can be difficult to collect, which can cause higher dues to other condo owners to pay bills that need to be paid.
When a major expense such as replacing roofing, siding or plumbing comes along, either the association has set aside reserves over the years to pay for such things or they have to impose what can be large assessments on current condo owners to pay for them.
If the condo association has set aside reserves, that's a big pot of money which can be targeted for theft or diversion to other purposes.
Conodo associations need the attention of condo owners, and very often they don't get it.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|