OWNING A CONDO
HOW CONDOS WORK
Condos are different from most stand-alone homes as you typically will own the interior portion of your unit and pay a “condo fee” to maintain the other common elements of the building you don’t own outright.
Your property ownership and rules are defined in the condominium documents of each building. Typically, your condo will be defined by the walls, floors, and ceilings you can see.
Once you’re in a condo, how a building is or isn’t managed is crucial.
Common Elements
Condo owners also have shared ownership and access to common areas and amenities within the building. These common areas can include lobbies, hallways, elevators, swimming pools, gyms, parking garages, and outdoor spaces. They’re called common elements.
The Condo Board
The maintenance and management of these shared spaces are typically overseen by a condominium association. The HOA is usually made up of elected members, who are responsible for enforcing community rules and collecting monthly fees or assessments from the condo owners to cover maintenance costs, repairs, and upkeep of the common areas.
PROS AND CONS OF OWNING A CONDO
I always tell my clients they should know the pros and cons of their options. Owning a condo has many upsides, as well a few things to consider:
Pros
Access to community amenities and benefits that aren’t otherwise affordable or possible.
Shared responsibility and decision-making on building maintenance expenses.
Owning less square footage may mean less individual financial exposure.
Cons
You may not agree with the condo decisions, or the way condo rules & regulations are written. We’ll read through the condo board documents in full to see if it’s a good fit.
Low condo fees don’t always last; they also may mean you’re agreeing to future special assessments. Those are large one-time fees to fix emergency issues. Don’t worry, we’ll check on the financial strength of the board and the building’s health before buying.
Making noise is human; so is being annoyed with a loud neighbor. If you’re worried about that, we’ll need to take that into consideration. Many buildings also have courtesy noise rules to protect you.
What is h0-6 Condo insurance?
H0-6 condo insurance, also known as walls-in coverage, is specifically designed to meet the insurance needs of condominium owners. Unlike traditional homeowner's insurance, which covers both the structure and contents of a house, H0-6 condo insurance covers everything from the walls inwards.
So, what exactly does H0-6 condo insurance cover?
Personal Property: H0-6 condo insurance provides coverage for your personal belongings, including furniture, electronics, clothing, and more. In the event of a fire, theft, or other covered losses, your insurance policy will help reimburse you for the cost of repairing or replacing your damaged or stolen items.
Interior Improvements: If you've made any interior upgrades to your condo, such as installing new flooring, renovating the kitchen or bathroom, or adding customized built-in shelves, some H0-6 insurance will cover the cost to repair or replace these upgrades in case of damage or loss.
Liability Protection: Accidents can happen anywhere, and as a condo owner, you bear some responsibility for accidents that occur within your unit.
Loss of Use: In the unfortunate event that your condo becomes uninhabitable due to a covered loss, H0-6 insurance can cover the cost of temporary accommodations, such as hotel expenses, while your condo is being repaired or rebuilt.
Disclaimer: Just know this is a primer and not intended to cover all the in-depth uses of this insurance… or to replace choosing the right insurance for your condo with a professional.