Summit New Jersey Condominium Beginner's Guide

Buying

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23 Parmley Place, Summit, NJ

25 Parmley Place, Summit, NJ

14 Euclid Ave 203, Summit, NJ

14 Euclid Ave 204-304 Duplex, Summit, NJ

14 Euclid Ave 201, Summit, NJ

14 Euclid Ave 101, Summit, NJ

14 Euclid Ave 102, Summit, NJ

11 Euclid Ave 7B, Summit, NJ

Condominium Beginner's Guide

Condo costs include:
- Down payment, mortgage and property tax.
- Condo fees, otherwise known as maintenance fees. Condo fees are paid by every resident to help with the maintenance of the building, pay the salaries of groundskeepers, concierges or handymen, and provide luxury facilities such as a pool, gym or rooftop garden. Condo fees are paid monthly and are subject to change.
- Special assessment fees. These fees may be requested when an unexpected repair or planned modification exceeds the cost of the condo fees collected.
Rules to live by:
- Condominiums are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). The rules vary from one condominium development to another. They may impose restrictions on pet ownership, noise levels, remodeling projects, and renting. The CC&Rs are enforced by the condo association.
Condo associations vary in their organization and expertise.
Some questions you may want to look into are:
- Does the association maintain a reserve of funds to pay for unexpected and potentially expensive repairs?
- Has the association maintained the building in good repair?
- Does the association have plans to add any facilities, such as a swimming pool or gym, in the near future? This could cause a sudden increase in your fees. Ask to see the minutes of the last few condo association meetings which should reveal any such plans.
- Does the development have any pending legal actions?
- What is the condo association’s reputation in the building among the owners?

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