Price, location, amenities, monthly down payment and amortization, and finding the right developer or realty companies are just some things at the forefront of any potential condo owner’s mind when they’re looking to purchase a condo.
But another aspect is just as important: getting to know your condo association. In any condominium corporation, there is an association comprised of unit owners in ‘good standing’ that serve to keep the peace in the community and manage the condo’s projects and funds.
But what exactly does that mean, and is a condo association really necessary? Let’s dive into it a little bit more in this article.
What is a condo or homeowners’ association?
A condo or homeowners’ association serves as the governing body for your condo or community. Their primary responsibilities include collecting monthly condo fees, implementing community-approved projects, and fostering harmonious relationships among residents.
Why do you need to get to know your Association?
If your real estate broker can make or break your condo buying experience, the Association can make or break your condo living experience.
Buying a condo means that you agree to abide by your condo’s house rules, and these rules and regulations are decided and implemented by the Association. Knowing what they are can give you an idea of what you’re willing to be flexible on and what your non-negotiables are.
Here are some examples of what you can expect when living in a condo:
Plenty of developers advertise their condos as pet-friendly, and while this is true, your condo association can have strict rules about the types of pets you’re allowed to keep. Some may have weight limits or breed restrictions. If you have a pet, you might want to check if the condo association will allow them and if the restrictions are acceptable to you.
The condo association manages your condo’s amenities, and it’s important to know what’s available for you to use and if there are fees associated with them. Some condos let condo residents and tenants use the amenities for free but will require a fee for guests.
If you plan on hosting gatherings or events in your condo, check if your condo association has any restrictions. Some may impose rules on noise levels and the number of guests allowed, while others may require approval before hosting an event. Knowing what the rules are can help you plan accordingly.
Get a heads up with your DMCI Homes Property Advisor
Before purchasing a condo, it’s crucial to know the rules and regulations of the condo association. Doing so can ensure that the condo meets your needs and that you can live comfortably within the community.
Contact your DMCI Homes Property Advisor to know the rules and regulations in the DMCI Homes project you’re interested in.
Getting as much information as possible will help you make an informed decision, and the most reliable source of info is always your realtor.