There are many different rules and regulations when it comes to Condos and Homeowners Associations. Bruce Myer, Longboat Key Realtor® who has been in the business for over forty years, often gets questions from buyers about these fees. In Longboat Key, each association has unique rules and regulations based on the type of development.
Whether you choose to purchase a condominium unit or a home in a neighborhood with a homeowners association, (HOA), you’re going to see a recurring bill to cover condo fees or HOA membership. In many ways, these fees are essentially the same and help fund the maintenance and upkeep of property for which the association acts as a steward. While largely the same, these fees may be used differently, depending upon the type of association.
Longboat Key Condo and HOA Associations
In Longboat Key, many associations are designed to maintain a certain standard in a development and to help keep things in excellent repair, Before you make an offer, you should be aware of what the condominium or HOA is. What they contain and what you can and cannot do.
The biggest difference between a condo association and an HOA is the scope of ownership. In a condo, each member individually owns his unit but maintains a joint ownership in the building and its grounds. Ties to a homeowners association aren’t as tight: Homeowners individually own their lots and homes, and the HOA owns common areas. Homeowners have no vested interest in common areas owned by the HOA. Because of this, condo fees are typically paid to support the upkeep of one’s own property, while HOA fees support another’s holdings.
When you buy a condo, you are entering into an agreement with all other owners in your unit or the Association, an agreement to upkeep both your particular unit and to financially contribute to the maintenance of the shared property that makes your unit livable.
Assessments
In most HOAs, fees are assessed uniformly, with each lot owner paying an equal share of upkeep for common areas. In areas with different types of homes, such as one with single-family houses and townhomes, assessments may not be split by household. Instead, townhome owners pay an assessment proportionate to their share in their communal lot, and owners of single-family homes pay a full assessment. A condo unit’s assessment system isn’t so clear-cut. Condo owners often have different percentages of ownership interest in the building, with larger units bearing a larger share of ownership. The association’s costs aren’t split evenly among each owner but paid in proportion to ownership percentages.
About Real Estate Agent Bruce Myer: One of the most experienced and knowledgeable Realtors® on Longboat Key. With over 37 years of experience in the Sarasota area, Bruce Myer is uniquely qualified to take care of all your real estate needs. As a longtime resident, Bruce has grown with Sarasota and seen its market flourish. Bruce and his team work to ensure all clients are treated with the same level of care and superior service. Contact The Bruce Myer Group at (941) 387-1847 or stop by and see us at Gulf of Mexico Dr. Suite 1 Longboat Key, Florida 34228.
We represent clients from both Sarasota and Manatee Counties: Sarasota, Siesta Key, Longboat Key, Bird Key, Lido Beach, Casey Key, Lakewood Ranch, Bradenton, Venice, Osprey, Nokomis, Englewood, North Port, Anna Maria Island and Holmes Beach.
