What is a homeowners association?

What is a homeowners association? What should a condo buyer look for in a homeowners association? findwell agent Matt Martel answers these questions in this installment of Ask an Agent.

Q: What is a homeowners association?

A: A condominium homeowners association is made up of all of the owners in a condominium. When you buy a condominium, you automatically become a member of the homeowners association. The homeowners association is responsible for running and managing the condominium and is responsible for any costs related to running that condominium.

As an association member, you’ll be charged monthly assessments. You will also elect a board of directors who will represent you and make decisions on behalf of the homeowners association on the management of the condominium.

Q: If I’m a condo buyer, what should I look for in a homeowners association?

A: If you’re considering purchasing a condo, make sure that you do a thorough investigation of the homeowners association. You want to make sure that it is well-managed and well-run. You want to make sure that other owners in the building are taking good care of the condominium because you will be an owner alongside them once you take possession.