Long Beach Island Real Estate Condominiums and the LBI NJ Real Estate Market
Condominiums represents approximately 4 to 8 transactions each month in the Long Beach Island real estate market. Buying a condominium can offer an affordable alternative to a single-family home with the added benefit, in some associations, of having little to no responsibility for exterior maintenance. Buying a condominium in the LBI real estate market does require additional due diligence to make sure the transaction is sound. First and foremost on any checklist is knowing if the homeowners association is financially solvent. Therefore, a helpful question to ask is can condominium homeowner refused to pay their association dues?
Can a Condominium Homeowner Refuse to Pay HOA Fees?
All condominiums have a homeowners association. This association will have a range of responsibilities depending on the size of the complex and the style of management. At a minimum, The homeowners association will be responsible for:
- Annual payment of flood insurance
- Annual payment of liability insurance
- Annual turning on and turning off of the complexe’s water if applicable
Homeowner dues are paid by the various owners to ensure the association’s bills are taken care of. This brings us to the core question of this article, can homeowners refuse to pay HOA? The short answer is no. All homeowners have to contribute to the homeowner’s association’s costs otherwise they can be liable for legal action and a lien put on their property. Of course, it goes without saying this matter should be verified with an attorney. What is important to understand for any buyer in the LBI real estate market is the implication if a homeowner refuses to pay. The costs and bills for the association will still require payment and the cost to cover any amount not paid by an individual owner will be shared among the other unit owners. This is especially worrisome for a two unit condo association where if one owner stops the payment, the other owners bills will literally double.
Buying a Condo in the LBI NJ Real Estate Market
Buying a condominium in the Long Beach Island real estate market can offer excellent upside opportunities. For many, a condominium is an affordable option that may not require rental income to support their ownership costs. That said, additional due diligence must be performed to ensure the investment is sound. For more information about understanding if a homeowner cannot pay their dues or about buying a condominium in the Long Beach Island real estate market, please do not hesitate to contact me or review the by-laws with an attorney.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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