Long Beach Island Condominium Common Areas
- Dec 16, 2020
- 2 min read
What Are Condo Common Areas in the LBI Real Estate Market?
Long Beach Island Real Estate
A Long Beach Island condominium common area refers simply to any condo association elements owned and maintained by the association itself. This is a general header with a large degree of variation from condo association to condo association. Generally speaking, the following elements will be included:
Parking areas
Courtyards
Pools, tennis courts, etc.
Long Beach Island Condominium Common Areas
Regardless of the association's size, almost every condo will have some form of common area parking. When a condo association is formed, these elements will be defined in the formation documents. Sometimes, parking spaces will be assigned to individual units, and other times, it will be an area delinted for parking on a first come first serve basis. Many condos will have some amount of common exterior space as well. This could be a back yard, a deck, or other similar space. We often find that in smaller associations, for example, a converted duplex or side by side townhome, which is very common on Long Beach Island, these common elements will be split so that each owner can use and improve it to their liking. Lastly, and perhaps the most obvious on the list, are shared amenities. There are many different types of these common amenities in the LBI real estate market. The most common are pool, docks, and tennis courts. These common areas are also the most expensive to maintain, and the HOA will usually have a higher monthly or quarterly fee as a result. Typically, the association will manage and maintain these facilities as they would any common area found in the LBI real estate condo market.
What Are Condo Common Areas in the LBI Real Estate Market?
One of the most important aspects of buying a condo in the LBI real estate market is understanding how the association is operated. This is especially true of common areas and what amenities, if any, a condo association offers. Common areas can have a long-lasting impact on a condominium's value in the Long Beach Island real estate market, so common areas and the association itself warrant a thorough investigation. 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
