What are Condo By-Laws in the LBI Real Estate Market
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Long Beach Island Condo By-Laws 
Long Beach Island Condo By-Laws 
Long Beach Island Condo By-Laws
Long Beach Island Real Estate
Long Beach Island Condo By-Laws are a set of legal documents that are created to help establish the rules and regulations for a condominium association. The content of by-laws will vary from association to association. Generally speaking, they will define things like insurance coverage, annual budgets, meetings, assessments, cash reserves, and use of any common space.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Long Beach Island Condo By-Laws
By-laws will tell you a great deal about how an association is managed. This is vital to understanding if investing in a condo is a smart move. Most larger associations, for example, Shelter Harbor in Beach Haven, will have regular meetings where budgets and policies will be discussed and adopted. Smaller associations, usually comprised of two to four units, will often not have any scheduled meetings or at most, one annual meeting. When looking to buy a condo in a larger association, one should remember that the rules established in the Long Beach Island condo by-laws at the time of purchase could potentially change. For example, a condo association may decide to prohibit rentals or apply a rental fee to any short term tenancy. This could impact an owner’s ability to afford the unit and/or potentially impact the value of the condo in the resale market. This is less likely to happen in a smaller association, but of course, still may occur. This is a prime example of why understanding the by-laws is so important. Only by knowing what may and may not potentially occur and knowing what the by-laws provide, can a buyer in the LBI real estate market make an informed decision.
What are Condo By-Laws in the LBI Real Estate Market
Buying a single-family home or condo has many layers. When looking to buy a condo in the LBI real estate market, one of the most important things to consider is how the association is operated. Some condominium associations are well run, either professionally or internally, whereas others are neglected, insolvent, and, in some cases, fraudulent. Understanding how an association is run is one of the key elements of any real estate transaction. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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