When making the decision whether to by a condo or a single family home there are many things to take into consideration. One of the major factors in making this decision is usually budget. There are also many lifestyle factors that have an impact such as the lack of yard work and exterior maintenance usually involved in condo living. Whether you are choosing to purchase a condo because it fits your budget or for the lifestyle you will want to understand the bylaws before you move in.
There are some significant legal differences in owning a condo verses a single family home. A condo owner has some limitations set on their ownership by the condominium bylaws. The bylaws also often outline responsibilities of the owner. When deciding which development to purchase in, it may be of some benefit to review the bylaws of the front runners. A dog lover may make a different purchasing decision based on bylaws prohibiting pets and a neat nick in favor of order and consistency may choose a neighborhood based on rules limiting outside plantings and decorations.
Often one of the most significant factors in the bylaws have to do with fees. Condo ownership usually involves shared responsibilities for common areas and exterior maintenance. Such upkeep is usually paid for by a periodic fee paid by all the owners in the development. These fees also sometimes cover the upkeep of recreational facilities like swimming pools and tennis courts.
Since condominium bylaws can be voluminous and are often written in legalese it is a good idea to consult a Real Estate attorney to help you decipher them. Common questions include
What are the maintenance fees and what do they cover?
Who is on the condo association committee and how can I participate?
Who makes, and pays for repairs?
Is Leasing, subletting, and sharing permitted?
RSS Options