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Wednesday, January 8, 2003 Condo quiz
If you're thinking about buying a condominium as a full-time residence, here are some questions to consider: Are you a good neighbor? Like apartment tenants, condominium residents share walls, floors/ceilings, hallways, entrances and parking areas with their neighbors. Respect for other people's right to the quiet enjoyment of their homes is part of the arrangement. Your neighbors will appreciate (and hopefully reciprocate) your efforts to turn down the volume, walk softly, close your doors quietly and limit your vacuuming to reasonable hours. If you're a noisy neighbor, you won't be welcome. Are you willing to follow the community's rules? Condominium owners are bound by the association's covenants, conditions and restrictions (CC&Rs). These thick legal documents cover everything from special assessments and the election of the association's officers to the allocation of parking spaces and the use of recreational facilities. Owners who fail to follow the rules can be fined, and most associations have the power to attach a lien to an owner's property if the fines or assessments aren't paid. If you're willing to follow the rules and regulations, you might be happy living in a condominium setting. Are you comfortable with joint financial responsibility? Single-family homeowners needn't consult their neighbors about financial decisions with respect to their own property. Condominium owners, on the other hand, must come to an agreement (by consensus or voting) on a variety of maintenance and repair matters. Should an older roof, unreliable security gate or ancient water heater be replaced this year or next year? Should a special assessment be collected for an emergency repair or extra service? How much money should be spent on landscaping? How often should the garbage be collected? If you relish the opportunity to make responsible decisions along with others, condo living could be a good choice for you. Are you prepared to volunteer your time for association business? True, some condominium owners never volunteer. However, your lack of participation will be noticed by your neighbors, particularly in a smaller building. Being part of the community means you should take your turn at serving on the board of directors, joining a special committee, getting estimates for repairs or taking responsibility for other tasks that benefit the group as a whole. If you're willing to pitch in, you'll earn the gratitude and respect of your fellow owners.
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