Myrtle Beach Real Estate - Condo Rules and Regulations

Myrtle Beach Real Estate - What is a condo exactly?

At first glance , a condo development can have the appearance of apartment-style complexe or townhouse. What distinguishes a condo from other multi-tenant buildings is really just a legal declaration naming the complex a condominium. Individuals can purchase units in the building or complex. In most states, this means that the development falls under specially designated laws and regulations applied to condominiums.

If you decide that purchasing a Myrtle Beach condo is the property investment that you are looking for, you the owner would buy the title to his or her individual unit, up to the walls, but not including them. A common euphemism for a condominium is a "box in the air."

Common areas of the complex, such as stairwells, dividing and outer walls, fitness centers and clubhouses, are under shared ownership, belonging to all condo owners. Each unit owner holds an interest in these common spaces. Maintenance and repair of the shared spaces, is facilitated under the leadership of the condominium association, also known as a unit-owners' association. This elected group represents the interests of all condo owners and makes community decisions in the best interest of the complex as a whole.

Most common condo costs include:

• Down payment, mortgage and property tax
• Condo fees, otherwise known as maintenance fees. Condo fees are paid by every resident to help with the maintenance of the building, pay the salaries of groundskeepers, concierges or handymen, and provide luxury facilities such as a pool, gym or clubhouse. Condo fees are paid monthly and are subject to change
• Special assessment fees. These fees may be requested when an unexpected repair or planned modification exceeds the cost of the condo fees collected

Myrtle Beach Real Estate - Condo Rules

Condominiums are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). Not all CC&R's are consistent from one condo complex to another. The rules may impose restrictions on such things as pet ownership, noise levels, remodeling projects, and renting to third parties just to name a few. The elected condo association is responsilbe for enforcing these CC&R's. Make sure you read and understand the specific CC&R's of the condo complex in which you are looking to purchase a unit.

Condo Associations and Fees

The condominium association budgets and determines the condo fees for all units. Some factors that will affect your individual condo fees are the size of your unit, number of currently occupied units in the complex, and the estimated projected expenses for building maintenance and repairs.

Not all condo associations are as organized and experienced as others. If you feel that your potential condo association might not have the expertiese you are looking for, make sure you get answers to these questions.

• Is there a reserve of funds to pay for unexpected and potentially expensive repairs? Are you likely to get hit unexpectedly with special assessment fees for the unanticipated expenses?
• Is the complex in good repair? Does the association act quickly to fix small problems before they become big ones? Get your unit inspected as well as the complex building inspected before you purchase a Myrtle Beach condo. If the building is poorly built, this would be enough reason to continue looking at other properties.
• What are the future building or remodeling plans of the association? If additions are immenent, there could be a sudden increase in your owner fees in the near future.
• Are there pending legal actions, disputes between owners, issues with the developers? Any of these situations could be red flags for potential problems down the line.
• Talk to other owners. How do they feel about the association? Have they had positive interactions with the members? Has the association been quick to take care or repairs and maintenance? Does the condo association listen to owners concerns and welcome a dialogue about possible future improvements for the community?

A note about condo developers

Check on the work history of your developer. A home inspection is necessary and can turn up major structural flaws in the building, but don't rely on this alone. Know your developer's track record. Have there been any problems in the past with other developments? Is the developer still in business? Is your developer financially stable? If the developer has folded your association may have no legal recourse for any grievences it might have.

Source: www.servicemagic.com