Important Information For Buying Condo
Condos are not the same as single family homes because the exterior of the condominium is the responsibility of a condo owners association. You will pay monthly dues that go for this institution to maintain the outside of the condos and the common ground shared by all who live in the complex. This differs from a home owners association in a neighborhood of homes.
The home owners association of a locality will cause the common grounds but not responsible to the exterior of the houses…that’s the individual owner’s duty. Because the exterior of a condo for sale singapore and the common grounds are kept up from the condo owners association, it is essential that the association is well managed and has the adequate funds to maintain the property and repair any matter with the exteriors or shared areas. These funds are generally collected by monthly dues.
The condominium owners association will normally collect monthly dues for outside maintenance, common ground maintenance, insurance to the outside of the complex, insurance for the board of directors & officers of the institution, insurance for liability if something was to happen on the intricate grounds, landscaping of the grounds, trash collection, and donation into a reserve fund to cover maintenance or repairs in the future.
The dues may also cover things like water, cable, internet, etc. depending on the complex. You should look into how much the COA dues are and what exactly the dues cover at each complex. This will probably be different at each complex and might help you in narrowing down your choices by what the price of the dues are versus what is provided. Apart from this , If you want more explanation regarding sol acres visit http://www.sgnewcondolaunch.com.sg/property/sol-acres/.
When you’re attempting to purchase a condominium and submit an offer, it’s important that a petition is made to obtain the COA documents (this is a standard option in a condominium contract available to Realtors).
These reserves are really important to cover upkeep and repairs in the future. If the association does not have adequate reserves and something happens that they can not afford to fix, the association can levy a special assessment on the owners.
A special assessment is a mandatory fee paid by each owner to pay for an expense that the institution doesn’t have the funds to cover. These assessments can happen at any time if the association doesn’t have reservations stored up. So, it’s important that the association be saving for expected expenses in the future and have adequate funds for the unexpected.