Before you buy a condo for sale located in the cities of Fort Myers, Estero, Naples and Cape Coral, many of southwest Florida properties are located in deed restricted communities. The reason for this post is to help you the home buyer to understand the different types of Home ownership in communities.
Home ownerships Associations (HOA) are normally in a gated community with golf and tennis. Gated communities are normally deed restricted, these is mostly desired by a home buyer looking for conformity in a community. it's always best to work with a real estate professional that can sort all this out for you the restrictions and explain them in detail to you of each community you visit.
Deed Restricted Community (DRC)
A DRC means it's a set of rules that runs with the land and you must abide by them. Meaning size/type of home, architectural style, vehicles restrictions (no commercial ) parking restrictions, boat dock, storage ,usage or ramp if any and items similar to recreational use and these are normally managed by the association and reviewed yearly.
Various Association Types Defined
Condominium Association (Condo) - When you own a condo it's typically located in a building with several other units and home owners. Condo ownership everyone shares in the ownership of the common areas The common areas, for example, include the structure of your particular unit, each building, club house and pool !
All owners of a condo are members of the condo association and pay a condo association fees. The fee typically includes money for repair and maintenance, ( reserves for major capital expenditures! very important and not all associations do this !), structure of the building and liability insurance for the common areas of the complete development.
The condo owner purchases (condo-owner's content insurance ) The cost for these is typically very low especially when compared to a homeowner's policy. When comparing monthly costs be sure include the cost for insurance plus the condo fee.
Home Owners Association (HOA) - is formed to manage a group of single family homes. HOA fees are levied to run the corporation and pay for items like common area maintenance, capital maintenance (e.g. club house or pool), The fees can include the exterior maintenance of lawns and landscaped areas.
Master Homeowners Association (Master HOA) - Master Owners Association as the corporation formed will usually own, through deed, property that is common to a development where there are one or more HOAs and/or condos.
it's always wise to work with a real estate professional when visiting these types of ownerships so you understand all the lifestyle arrangements in place in the different communities.
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