Hi Everyone! I wanted to share my expert knowledge regarding Owning a Condo, whether this be for personal use, long term rental or short term rental like Air BnB or Vrbo.
My husband and I own many condos in our local area of St. Charles county and at the ever popular Lake of the Ozarks. People who know us or know this information always ask questions, I wanted to share the most common questions and the answers!
The first thing I always ask my buyers or interested contacts: What is the purpose of use for this property? Will you live here? Will you eventually rent it out; long term or short? Once they ponder this question, we are always diligent with researching each individual HOA’s rules and fees that come along with their personal plan for the property.
Other Questions we are asked:
What will I have to pay besides mortgage payment?
Most people know about HOA fees that come along with living in many communities, but did you know there could be other special fees depending on the area/community you choose to buy in?
A Special Assessment is a fee I warn future condo owners to take into regard. Condo associations should have reserve funds that they use to make major repairs or cover emergency expenses. But sometimes these funds run dry, or a huge expense is incurred by the association because something big goes wrong at the building. If the association needs more money than the regular dues and emergency reserves can provide, it can sometimes levy a special assessment. Examples of this could be a ew roof for all buildings after a devastating storm, new docks on water front properties, or an entire replacement of the parking lot.
I also remind my buyers to shop around for insurance. There could be higher fees or required extra coverages that could increase your payments.
What is my responsibility vs. The HOA’s?
It is always a good idea to check the bylaws, rules and regulations for each individual community you may purchase in, but most condo associations have a general rule:
Common Element; This is common area or place everyone in the community uses. For example: fitness centers, elevators, lobbies, walkways, lighting in common hallways, garbage collection areas, swimming pools, landscaping, club houses. It could also mean things like lawn care, landscaping, small roof repairs, docks or fences. All this information will be specified in the contract.
Lastly, my number one advise for all buyers is: Find a Realtor who knows the condo landscape
If you’ve decided that buying a condo is for you, you’ll want to find a real estate agent who understands the ins and outs of the process — ideally, someone with a track record in condos. An experienced agent will be able to address any concerns you might have and guide you through crucial steps, like reviewing the condo association documents.
Lets talk about Condos 👇🏼👇🏼
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