LBI Real Estate Common Area Assessments
- High Tides Digital Marketing
- Dec 19, 2020
- 2 min read
Common Assessments in the Long Beach Island Real Estate Condo Market
Long Beach Island Real Estate
A common area assessment in the LBI real estate market refers to monetary charges levied on individual condominium owners to improve, repair, or maintain common areas in a condo association. These charges should be spelled out in a condo association's by-laws and can significantly impact a condominium's value in the Long Beach Island real estate market.
LBI Real Estate Common Area Assessments
There are many different types of condos in the LBI real estate market. There are large, professional associations with many amenities and small 2 unit associations that share a common wall. Common area assessments can be applied to many different things, and the type and amount of fee will depend on the amenities offered in a condo association. When looking to buy a condo in the LBI real estate market, a first step should be to evaluate how an association is run and what they charge. Apart from amenities, the cost of flood insurance can have a significant impact on common charges. Associations located on the oceanfront will typically have a much higher monthly HOA, thanks to the elevated cost of flood insurance in these areas. Common charges will usually be billed monthly or quarterly for larger associations and annually for smaller associations in the LBI real estate market.
Common Assessments in the Long Beach Island Real Estate Condo Market
Apart from understanding what the common area assessments are and how much expense they will add to the cost of owning a condo on Long Beach Island, a prospective buyer should also ask, is it enough! The solvency of a condo association is of the utmost concern. If an HOA is poorly run, it may lack the funds needed to maintain the condo association's common elements. This can lead to costly special assessments that can devalue a condo's worth in the LBI real estate market. This is but one of many aspects of an LBI real estate transaction that must be understood before committing to a deal. 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
