Condo Ownership: What Does the Association Really Cover?
If you’re considering purchasing a condo, chances are you’ve heard about condo associations. These associations are responsible for managing the common areas and shared facilities of a condo complex, and every condo owner is required to pay association fees. But what exactly do these fees cover? In this article, we’ll dive into the role of condo associations and answer the question: what does the association really cover?
The Purpose of Condo Associations
Before we get into the specifics of what the association covers, it’s important to understand the purpose of condo associations. Simply put, the goal of these associations is to maintain the shared spaces and amenities of a condo complex, ensuring that they are well-maintained and functional for all residents. This includes everything from landscaping and building maintenance to creating and enforcing community rules and regulations.
Shared Facilities and Amenities
One of the main things that condo associations cover is the maintenance and management of shared facilities and amenities. This can include things like swimming pools, fitness centers, elevators, and common areas such as hallways and lobbies. These areas are essential to the overall functionality and appeal of a condo complex, and it is the responsibility of the association to keep them in good condition for the benefit of all residents.
Additionally, the association may also cover the cost of utilities for shared facilities. This can include water, electricity, and cable or internet services for common areas.
Building Maintenance and Repairs
In addition to managing shared facilities, condo associations are also responsible for the maintenance and repairs of the exterior of the building. This includes things like roof repairs, painting, and landscaping. These tasks are essential for maintaining the structural integrity and curb appeal of the building, and the association fees go towards covering the cost of these services.
In some cases, associations may also cover the cost of maintenance and repairs for individual units, particularly when they are located on the exterior of the building. This can include things like exterior window cleaning, balcony repairs, and pest control.
Insurance Coverage
One of the key benefits of condo ownership is that the association typically carries insurance that covers the exterior of the building and shared spaces. This means that in case of damage to these areas, the cost of repairs is covered by the association rather than individual condo owners. However, it’s important to note that this insurance often only covers the structure of the building and shared spaces, not the contents of individual units.
What Might Not Be Covered?
While condo associations cover a wide range of services and expenses, there are some things that may not be included in your association fees. For example, interior maintenance and repairs, such as plumbing or HVAC issues, are typically the responsibility of the individual unit owner.
Additionally, some associations may require separate fees for amenities such as parking or storage units. It’s important to review your association’s bylaws and budget to understand what is and isn’t covered by your fees.
In Conclusion
Condo associations play a crucial role in maintaining the functionality and appearance of a condo complex. From managing shared facilities and amenities to covering the cost of building maintenance and repairs, these associations ensure that residents can enjoy a comfortable and well-maintained living space. If you’re considering purchasing a condo, make sure to review the role of the association and what is covered by your fees to fully understand the responsibilities and benefits that come with condo ownership.
