Unit owners in a condominium community share equally in the cost of operating and maintaining “common elements.” Condominium owners pay a monthly maintenance fee, so that there will be enough money available to take care of all the community amenities.
(PRWEB) February 26, 2014
Acri Community Realty of Pittsburgh, Pennsylvania has published an informative article to help homeowners transitioning into a managed community lifestyle. Rinaldo Acri,CEO of Acri Community Realty states, "Condominium is not for all. It is unique and very different from owning a single family home. Homeowners transitioning to this type pf living have difficulties understanding some of the limitations in place due to community Declarations and Rules."
Some of the differences explained in the article are highlighted below:
1.When a person purchases a traditional single family dwelling, the individual owns the whole thing, the inside, the outside, all the land and everything that’s on the land.
2. When buying into a condominium community, however, the individual becomes the sole owner of only the inside of the unit, not the outside.
3. Exterior walls, the roof, the streets, the land, the landscaping and any facilities on community property are called “common elements” and these “common elements” are owned jointly by all the unit owners in the community.
4. Each unit owner in a condominium community shares equally in the cost of operating and maintaining these “common elements.”
5. Condominium owners pay a monthly maintenance fee, so that there will be enough money available to take care of all the common elements in the entire community, plus a whole lot more.
Fee Collections Coverage examples:
- Insurance for the exteriors of all the units in the development
- Year-round landscaping and snow removal services for the common property
- Legal fees, postage and printing costs, upkeep of a pool if there is one.
Many Associations hire a management firm to help the Board of Directors manage the property assets, prepare financial budgets and contract for services.
The management company is likely to save association funds when contracting for services due expertise and experience in contract negotiation and litigation.
To see the rest of the publication in depth visit the Acri Community Realty website.
About Acri Community Realty:
Acri Community Realty, located in the Greater Pittsburgh Area, specializes in pro-active property management in re-active times.
Acri is known for the great care and pride in the work done to protect and enhance the value of the homeowner's investment.
Have issues with a Homeowners Association? Contact Acri for assistance solving Association problems via the website at Acri Community Realty. Acri is interested to hear about HOA experiences and how an association has helped or hurt the community.