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Special assessments are extra charges the condo association may impose to fund a significant project. An assessment is usually voted on by the board, if not all of the community’s residents.
For example, an owner would like to have a pool but cannot afford one. When buying a condominium with a pool in a CID of one hundred units, an owner would have use of that pool for basically one-hundredth of the cost due to sharing the cost with the other 99 owners. [5] Timeshare, or vacation ownership, is the same concept. Buying a second home ...
What are the pros and cons of owning a condo? A condo can be a more manageable and affordable option compared to a single-family home, especially if you are looking for a starter home. Many ...
The Community Associations Institute (CAI) is an organization that represents homeowners, condominiums, and other community associations around the world. Based in Falls Church , Virginia in the United States , the CAI has more than 60 chapters of condominium and homeowner associations [ 1 ] [ 2 ] [ 3 ] with over 45,000 members worldwide. [ 4 ]
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With the passing of SB 278 in 2010, the state of Utah also requires condominium and community associations to conduct and review reserve studies on a periodic basis. [ 7 ] reserve contributions are often one of an association's largest budget line items (often 15-40% of the total budget), and the reserve fund is typically the association's ...
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A community development corporation (CDC) is a not-for-profit organization incorporated to provide programs, offer services and engage in other activities that promote and support community development.