Common Condo Repairs in the LBI NJ Real Estate Market
One of the questions I am often asked when showing condominiums for sale in the Long Beach Island real estate market has to do with who is responsible for common repairs. The condominium market on Long Beach Island is very diverse with some associations only consisting of two units while some consist of several dozen. In any case, it is important to understand who is responsible for condominium common repairs to the association. Unfortunately there is no clear-cut answer as every situation is unique but we can draw some common advice from the different condominium sales I’ve been associated with over the past several years.
Understanding Condominium Common Repairs in the Long Beach Island New Jersey Real Estate Market
The best example to help in understanding condominium common repairs has to do with a roof. In the case of a side-by-side condominium it is possible for either unit owner to replace his or her roof up to the point of the common wall. In the case of an upstairs and downstairs condominium, the argument can be made that the roof only belongs to and is the responsibility of the second floor unit owner however in most cases, the cost of repairing the roof is shared between both floors. In the case of a large condominium complex with multiple units, it is usually unlikely that any individual unit owner will have his or her roof replaced. Rather, it will be the entire association replacing the entire roof at once very often resulting in a special assessment. Lastly, in the case of a detached condominium, it is usually the individual unit owners responsibility. As you can see from the above, there are multiple scenarios and certainly not a one-size-fits-all answer. This, highlights the importance of understanding the condominium association rules prior to making a purchase. This can be facilitated by a thorough investigation of the condominium rules and regulations by both the buyer and the buyers attorney. Any discrepancy should be addressed well before closing to avoid surprises down the road. For more information about understanding condominium common repairs in the LBI real estate market or about condominium sales on Long Beach Island, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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