Buying A Condo? Here’s What You Should Know About the Condo Board
Register Now12.15.20
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Buying
The real estate market is on the rebound, and the individual house prices have hit the sky once again, promptly elevating themselves out of the reach of first-time buyers. In such a market, condominiums present a compelling alternative.
The size of the condominium can vary with your budget and it does curtail some of your freedom when it comes to using the outdoor spaces, but it also comes with significantly fewer responsibilities than an independent house.
A condominium offers you indoor space and a parking spot, but you have to share all the outdoor facilities, including the hallways, gym, pool, and concierge desk, among other things, with other condo residents. And the condo board has the last word on the use of these facilities.
There are no standard rules and every condominium complex sets its own rules. That’s why potential condo buyers must find out who make up the condo board and how they function.
Understanding Condo Boards
Condo boards are made up of condo owners who volunteer or are elected to the office by the rest of the condo owners. They are responsible for making the complex rules and occupancy bylaws, complying with the state’s laws for condominiums, managing maintenance, and maintaining books.
The condo board usually hires third-party services for fee collection, routine repairs & maintenance, complaints management, and other such services. They typically employ a full-service condominium management company or individual service providers.
Condo boards also control the use of common areas. From the timings of use to dress codes to cleanliness, there can be all kinds of rules. Some condominiums may even consider balconies a common area and require you to adhere to their guidelines. So, pay attention to those.
Condo Boards Evolve, and So Do Their Rules
Condo boards enjoy a high degree of freedom regarding the formulation of rules and implementing them. While building rules are created democratically, the power to enforce them lies with the board. So, if you are going to buy a condominium, you should look into the board’s composition, rules and applicable penalties, and their existing funds to assess their financial position to upkeep the building.
At this point, it is also important to remember that the condo rules can change at any time and they are influenced by federal and state laws too. For instance, Canada legalized cannabis and has recently legalized the use of magic mushrooms for mental illnesses. In such a case, condominiums have the option to either allow these substances or create building laws that make the complex completely smoke-free.
Generally, the condo boards formulate rules after taking into account the general consensus. So, they are always evolving. However, a look at the current condo rules will give you a good idea about how liberal or conservative a condo complex is.
Match Your Lifestyle
When you choose a condo to live in, you are choosing a lifestyle. Condo complexes cannot always offer exactly what you are looking for. After all, the condo boards are meant to formulate laws in consideration of the twin goal of ensuring the safety of all the members while maximizing their comfort.
When you go condo hunting, make it a point to check out the condo board, their current rules, and openness to change. It should largely align with your current lifestyle to offer you an enjoyable experience as a condo owner.
