A condominium style community is a group of building within same boundary lines with bifurcated units for a residence owned by people. Condominiums are often referred as condos. These condos are of a distinct size and infrastructural designs, but the living units of the condos often share walls. Only the interior of the unit can be owned by its resident and not the entire property, say a unit on the 5th floor is owned by a person, then the ground on which the building or unit is situated and terrace can be shared but cannot be owned by individuals. Interior of the condos should be insured by the residents whereas for external factors in condominium style community can be insured by HOA with the consent of all the residents by proportionate pooling of money for insurance.
Duties and Responsibilities of Condo owners:
The condominium owners should know the relationship between ownership and responsibility.
The rules and regulations formulated and implemented by Homeowners Association and the Board of the building community should be followed fairly as well informed truly by the appointed manager to new residents in the community.
Protecting and maintaining the exterior property and the commonly shared area is the duty of every resident of the condo. Thus they should look after it also. Maintenance should be done in lieu that the resale value of the building should not deteriorate.
Periodic inspection for the building should be conducted to know the defects in the material of the building and get them corrected on time.
Emergency repair fund should be maintained by the association members for arising of unexpected expenditures along with repairs and replacement reserves.
Books of record regarding every transaction done where the interest of all the homeowners is involved should be recorded.
Documents and legal papers related to buildings should be kept carefully.
Conclusion:
The kind of residence that is condominium style community housing or individual housing to be chosen depends upon multiple reasons such as affordability, size of family, location needs and many more. Visit https://www.oahuhomebuyers.com/ for more.