What To Look For In A Condominium Association

Condominiums are a great housing option for many potential homebuyers. They are often more affordable than a traditional single family home, and usually require lower maintenance as well. While there are a number of advantages to condo ownership, there are a couple of things to make sure you keep in mind when picking a condo association. 

Master Policy Limitations: Condo associations usually have a master insurance policy that covers the building's common areas and exterior structure. However, the coverage specifics can vary widely. Some master policies may only cover the basic structure, leaving individual unit owners responsible for interior walls, fixtures, and personal property. Understanding the master policy's limits and what it covers is crucial for condo owners to avoid gaps in coverage. Working with a real estate agent who has experience with condo associations in the area is crucial as they will be able to look into the association and their policies to help identify any potential issues ahead of time. This can save you a lot of time and money later on down the line. 

Deductibles and Assessments: In the event of a claim affecting the entire condominium complex, such as hurricane damage, the master policy's deductible may be substantial. Condo associations may pass on these costs to individual owners through special assessments. Condo owners should be prepared for potential assessments and consider insurance options that can help cover these expenses. Your agent will be able to look into the deductibles and history of assessments for the association to make sure you are well aware of any costs that you may have to pay. 

By being proactive and informed about the association that covers the condo you may be interested in purchasing, you will be very well equipped to experience the joys of condo ownership without unforeseen expenses. Our team has helped our clients purchase many condos over the years and we are very familiar with navigating the different condo associations in the area. If you are interested in potentially purchasing a condo, give us a call! We would love to assist you and guide you through the process.