Americans staying in homeowners associations and condominiums have informed pollsters they are quite satisfied in their communities for the seventh time in thirteen years. Many people don’t know the difference between an HOA and a Condo association. The key difference lies in the types of properties in the given association and the way they are maintained and governed. Here are more of the differences between the two.
Condominium owners can manage their own units
While there is a Board of Directors installed to handle many of a Condo association’s duties, Condo owners can manage their own properties. There are many facilities that are built to be used by unit owners, including lobbies, sidewalks, and common hallways. This is usually managed by the board of directors. However, there are other limited common elements that can be managed by the owners themselves. These include balconies and patios. On the other hand, HOA association lot owners only have to manage their own lots.
Maintenance, repair, and replacement expenses
This is another area where HOA associations differ from Condo associations. Condo association management companies are usually responsible for the maintenance of general and limited common elements. However, it is the owner of the unit who funds the maintenance and repair costs. This is especially true for every element designated for exclusive use. With an HOA, unit owners are responsible for the maintenance of their own lots. However, HOA maintenance fees are generally lower than Condos of the same size. Also, HOA unit owners do not pay for the maintenance of common elements.
Enforcement of rules
Condo and HOA associations differ in the way rules are enforced. For example, a HOA unit owner can change the color of the paint and use a selection that goes against the community’s approved standards. Even if the board can indicate that there has been a violation, they usually don’t have the necessary resources required to legally enforce their decision. This means that a homeowner can refuse to abide by such regulations and will not face any consequences.
On the other hand, if the same situation were to play out in a Condo association, condo association management companies would take legal action against the unit owner. That’s one of the reasons Condo units tend to have a higher price compared to HOA properties.
These are some of the differences between HOA and Condo associations. There are several condo association management companies that can be hired to take up the duty of managing the Condo association and enforcing rules and regulations.
