Acquainting you with Condominium Association Rules

Condominiums make for wonderful living options for homeowners who are reluctant to bear the high maintenance costs which are usually associated with individual “houses”. When you are buying a condominium you are actually investing in a particular unit of a complex which is home to several other condos (or condominiums) and you are free to do anything within the four walls of your rooms. You also get to enjoy facilities like gyms, pools, lawns, gardens and roofs but you have to remember that they (these facilities) are shared by all the residents of the same complex. There is a strict legal framework governing the usage of the shared part of the property and you have to pay a monthly fee for regular maintenance of these spaces. A few rules and regulations which every potential condo buyer should be aware of The monthly or semi-annual or annual fee which you will be paying for the shared property will be determined by the size of the unit owned by you. The association or the collection fee to be paid by you is used for the upkeep ofrn• Pool maintenancern• Lawn servicesrn• Trash removal servicesrn• Club house maintenancern• Exterior repairsrn• Maintenance of roads The condominium association plays a key role in establishing the laws and by-laws which are recorded with the local land office (details available with the unit division). Once you decide to buy a unit in the complex you will be clearly made aware of the owners’ and the association’s responsibilities when it comes to maintenance and repair work. For instance, while homeowner’s are responsible for their own patio space the association is responsible for the maintenance of the gym. Condominium associations are legal entities and as such enjoy the right to impose fines on members who flout the relevant norms governing the condo management. As soon as you start living in a condo you become a member of a community. Just as a community is governed by a set of laws aimed at preserving societal harmony so is a condo. So, make sure that you are buying a condominium, keeping these points in mind. What can you do? If you are willing to buy a condo (like the botanique at bartley) anytime soon then we would suggest that you sit down with an attorney to study the laws and bylaws governing the particular piece of property you want to buy. It is unwise to purchase a condominium without understanding relevant rules and regulations. One of the biggest factors influencing your decision to buy a condo would be its location. You would definitely want something which is well connected with the popular means of transport and is in proximity to schools, hospitals and malls. For instance a condominium near bartley mrt would definitely be higher on your preference list rather than some remotely located housing association. Keep the location in mind while buying a condo. Keep the rules and regulations in mind too! Best of luck with your search!