Condominiums come in all shapes and sizes. Our website organizes them in this fashion:
Ranch: One-story building which houses several units side by side (3 or more units per building)
Upper/Lower: Two-story building that houses several units that are all one level (either on the first or second story).
Duplex: Can be either one story or multi-story structure housing just two homes (side by side)
Townhouse: Multi-level building (2-3 stories typically) with 3 or more units (side by side) per building
Midrise: 3-5 story building that houses many units on each floor.
Highrise: 6+ story building that houses many units on each floor.
Each community usually has a Home Owners Association (HOA). This is a committee of homeowners who are voted in by residents to help manage all aspects of their community. There is a typical board structure (i.e. president, treasury, secretary, etc.) They are responsible for making all decisions for the community, hiring professional services (i.e landscapers, attorney, property management, etc.) The HOA also enforces rules & collects dues/fees from all residents to pay for services and maintenance of the community. A Home Owners Association is a “Not for Profit” entity and the board members are not paid for their time.
The monthly HOA fee covers most of the services required to run your community. This will vary depending on the community type and size, but at a minimum, it covers services like lawn maintenance, snow, and trash removal. The HOA fees also cover the costs of a retained attorney for legal matters, salaries of hired staff (i.e security/concierge/lifeguards) depending on the community needs. It should be noted that large capital improvements like replace roof shingles may or may not be covered under the standard HOA fee. It really depends on how well the community has budgeted for these types of projects. Shortfalls in capital reserves will require a community to incur an additional assessment fee to every homeowner and/or obtain long-term financing which may increase your monthly HOA fees.
