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Not only is it easy to get to, but condominium units were plentiful and very affordable. While there are some exceptions to reserve fund requirements, most condominiums are required to have studies completed by a professional at least once every 5 years. Florida has historically been considered an ideal state to purchase a winter home.
A good example is the set of laws passed by the state of Florida following the Surfside condominium collapse. State/provincial laws and Acts come next, followed by governing documents. Some states and provinces like Florida, California, Michigan, Ontario and Alberta have extensive laws for governed communities to follow.
SB 326 (HOA Exemptions & Separate Condo Rules) Condominiumsmanaged by HOAs follow a different inspection process but must comply with SB 326. Non-Compliance Penalties: Failure to comply may result in civil penalties, fines, or liens on the property. Subsequent inspections must be conducted every six years.
Tug-of-War Between State and Local Regulations What Does This Mean for Airbnb Hosts and PropertyManagers? B 280 also mandates that property rental platforms like Airbnb collect and remit tourism taxes, submit occupancy and registration data to the state, and allow DBPR to manage licenses. So What’s the Problem?
Californias balcony inspection laws, SB721 and SB326 , are reshaping how property owners and HOAs approach building safety. The deadline for SB 326, which applies to condominiums and HOA-managedproperties, has officially passed. Their goal is simple: to ensure that these structures remain safe and sound for residents.
Passed into law in 2019, this legislation directly addresses the structural integrity of elevated exterior elements—most commonly balconies, decks, walkways, and stairways—used by multiple families in condominium buildings. For HOAs, this means a significant shift in responsibilities, risk management, and long-term planning.
Densely populated high rise condominiums have always been budget conscious. Reduce administrative costs Administrative costs are any expenses incurred to maintain day-to-day operations of the condominium. With so many expenses, its not hard to overspend and exceed the annual budget. But this year is different.
Owners living in California can elect directors and amend governing documents using electronic secret ballots as of January 1, 2025. Amendments were made in 2024, requiring condominiums with 25 or more units to have a website. HB 1203 makes it clear that HOAs need a website, just like condominium communities.
Download our free email policy In order to ensure email correspondence remains productive and useful, condominiums and HOAs should have an email or electronic communications policy in place. They can be safely disposed of after seven years, but you may get rid of them sooner depending on what your governing documents say.
Amendments were made in 2024, so now small condominiums with 25 or more units must also have a website. They must also certify, in writing, that they have read the associations governing documents, will work to uphold the documents to the best of their ability, and faithfully discharge their duties.
Coming into a new rental property, you probably have a lot of questions. When we take care of rental propertymanagement in Baltimore and other cities, we always strive to be transparent and upfront on what these are and how they interact with your daily living. What is an HOA? What is a POA? What is a COA? What is a COA?
Governed communities are getting harder to avoid. Considering more Americans will be living in governed communities, we thought it would be interesting to see what trends have shaped these communities over the past 6 years. cooperatives, HOAs, and condominiums, provide anonymous answers to a survey company on behalf of the Foundation.
Condo management is no exception. Read on to find out how high-rise condominiums are currently using AI to streamline operations and improve resident satisfaction. Below are some of the most common ways high-rise communities and condo management companies are currently implementing AI. How do condos benefit from AI?
Laderman President of mem propertymanagement. Buy Your Policy from an HOA Insurance Expert The first thing to understand is that your HOA Master Insurance Policy should be written by an agent that has expertise in HOA insurance, states mem propertymanagement.
So, in one way or another, finances are putting a strain on condominiums and HOAs. Additional challenges Propertymanagers identified a few other issues that could impact the viability of community associations in the future. 25% say lack of finances is a top concern. Its not an easy goal to achieve, but it can be done.
Rent Control Some areas have government-mandated rental caps. If the rental property has many bedrooms, bathrooms, finishes, furniture, and appliances, you may be able to charge higher. Are you finding it difficult to appropriately price your rental property? A propertymanagement company might help with that.
DEALING WITH CONDO FROZEN PIPES Every season has its range of weather-specific concerns for property owners and condominium associations. In the winter, that includes the risk of water damage and frozen pipes on the property. The first thing you must do is check your condo association s governing documents.
In this blog post, we will delve into the details of Proposition 33 , how it could affect the real estate market, and why those involved in propertymanagement should consider voting no. Under Costa-Hawkins , rent control is prohibited on: Single-family homes and condominiums. New constructions built after February 1, 1995.
In the works for over a year, the California Assembly passed the bill by an overwhelming 46-22 vote, signifying the direction the state government plans to take in this area in the coming years. Expected to be signed soon by California governor Gavin Newsom, AB1482 will play a significant role in California rent control.
As you approach this legislation, you first need to understand if your property is covered by this law or exempt from it. The rent control laws and just cause evictions apply to most rental properties in the state of California. Intent to demolish or substantially remodel the property. are not subject to rent control.
These properties can take various forms, including apartment complexes, duplexes, townhouses, or condominiums, offering a range of housing options for different demographics. Investing in multifamily properties can generate higher cash flow compared to single-family homes and often results in greater long-term appreciation.
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