Trapdo Your Homework On A Condo

If you buy into a condo/co-op, expect to spend some time on the homeowner association (or board of directors) just for self-protection. If you don't, you'll find that the HOA or board is always doing something that you consider ridiculous and that you don't like. If you're an owner, you'll want to be a part of decisions that affect your home and its value. On the other hand, be aware of HOA burnout. This comes after you've been a member of the board for a year or two and found that you can't get done what you want to get done. Often, owners will get discouraged and will then sell their unit. If you're at least aware of this possibility, you may be less inclined to make such a drastic move when a stalemate does occur.

As an additional resource on this topic, check into Tips and Traps When Buying a Condo, Co-op, or Townhouse, McGraw-Hill, Irwin, 2000.

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