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STRENGTHEN YOUR ASSOCIATION TO STRENGTHEN YOUR VALUE

STRENGTHEN YOUR ASSOCIATION TO STRENGTHEN YOUR VALUE

 

NORTHBROOK, Ill. (October 26, 2009) - As a condo or townhome owner, you own the space between the unit's walls, but the rest of the building and any common space are held by the homeowners' association. Assessments paid by homeowners cover expenses to maintain the property, including everything from fresh paint in common areas to a leak-free roof.   

"A strong association protects the value of your property and quality of the neighborhood," said Fran Broude, president and COO, Coldwell Banker Residential Brokerage. "An attractive common area and well-kept exterior can increase the value of a home, so it's important the association is well managed and has the needed funds to make repairs."

To protect your investment, check out these tips for maintaining a strong condo association:

  • Know the rules and follow them.  A crucial factor in home associations is the willingness of residents to follow the guidelines. As the rules are bent, the appearance and quality of a development can steadily decline, lowering property values. Be sure you know and agree with the laws before purchasing the property.
  • Streamline communications. With so many residents living busy lives, it's important homeowners have consistent and effective communication with each other. Try issuing a monthly newsletter, or starting an email chain for emergency communications.
  • Get involved. The best way to ensure your association remains strong is to actively get involved. Run for the board, join a committee or volunteer to head a project; you'll get to know your neighbors better too.
  • Pay your dues. Your assessments fund the association's budget which determines the services they can provide and quality of the property. Find out what the assessments cover and compare with similar condo associations in the area. The budget should have a reserve fund for major expenditures or emergencies. The higher the reserve, the better, as owners may be hit with a special assessment.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 63 offices with more than 4,400 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.