A condominium is an attractive real property option for individuals who want to own their own homes but who do not want to deal with the maintenance of yardwork and exterior upkeep. Condominiums, also called condos, are independently owned but managed by a board or committee of managers. These managers help maintain the shared spaces of the condo development for the benefit of all owners.
However, there are some matters specific to condo ownership that may not be appealing to Louisiana residents. This post discusses some of those deterrents, but no part of this blog should serve as legal or real estate advice. Individuals should consult with condominium litigation attorneys about their questions and concerns.
Condominium costs: Understanding dues
As stated, condos offer owners the benefit of their own homes with help to maintain the exterior aesthetic of their properties. That maintenance, however, does not come without costs. Individuals why buy condos generally must pay dues to their condo associations for the shared maintenance of their developments.
Condo costs can vary, and before a person buys into a condo development they should ask several important questions:
- How much are the monthly dues?
- When and how do the dues increase?
- What is covered by the dues?
These are only some of the questions prospective owners should investigate before buying into condo developments.
Condominium restrictions: What owners can’t do
In order to maintain the visual appeal of condo developments, condo associations often impose restrictions on what owners can and cannot do with their properties. For example, an association may ban satellite dishes from condo balconies or porches, or it may limit the type or number of plants that owners can display on our around their properties.
Living in a condo likely means living with the restrictions of the association. While some restrictions are permissible, others may infringe on the rights of owners. Problems with condo associations and owners can often be resolved through consultations with condominium litigation lawyers.
