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 “Condominium Ownership” article from Haverhill Life (March 2018):

Overview:

Condominium (condo) ownership extends beyond typical apartments and townhouses—it can include garages, boat docks, storage bins, and commercial/industrial buildings. Essentially, any multi-unit property can be built or converted into a condo.

Benefits of Condo Ownership:

Low Maintenance: Owners typically don’t handle exterior tasks like landscaping, snow removal, or roof repairs.
Shared Systems: Many condos share heating/cooling systems, which are maintained by the association.
Community Amenities: Some complexes offer features like pools, gyms, or tennis courts (though these raise monthly fees).

Responsibilities of Owners:

Interior Maintenance: Owners are usually responsible for everything inside their own units.
Condo Fees: Monthly fees cover common-area maintenance and can vary significantly based on amenities.
Assessments: Large or unexpected repairs (e.g., boiler failure, roof replacement) may require owners to pay assessments—one-time, often costly fees.

Risks & Cautions:

Potential for Expensive Repairs: Older complexes may need major repairs, and insufficient reserve funds can lead to steep assessments.
Rules & Restrictions: Condo associations can regulate pets, exterior décor, rentals, patio use, and more.
Due Diligence is Critical: Buyers should:

Review condo documents and rules.
Ask about financial reserves.
Understand their responsibility for potential repairs.

Real-Life Examples:

An owner paid $16,000 for a boiler repair.
Another was hit with a $35,000 assessment for brickwork just months after buying, having ignored a warning to investigate the issue.

Conclusion:

Condo living can offer convenience and reduced maintenance, but it comes with shared financial obligations and possible restrictions. Buyers should do thorough research to avoid unpleasant surprises.

ALL ABOUT HOUSES BY ANDY CONSOLI