New Neighborhoods: The Consumer’s Guide to Condominium, Co-op, and HOA Living

As a current condominium owner and former board member of the HOA, reading “New Neighborhoods” by Gary A. Poliakoff and Ryan Poliakoff confirmed the importance of acquiring knowledge before considering this type of living arrangement. This book is certainly one that any prospective buyer or anyone that is embarking on co-op living should read before signing the contract.

There is glory in having all the amenities of condo/co-op complex living - grounds maintenance, exterior building upkeep, use of pool/recreation area; however, there is also a payback.  The rates could be high, or in some cases nothing is covered by the dues.  Parking can be an issue as well as noisy neighbors. The HOA can impose its own rules, sometimes totally irrational or one-sided.  On the other hand, the rules keep the complex at the certain standard and if you don’t want to conform to those rules/standards, then this type of living is not for you.

The authors give a very concise but comprehensive look into complex living.  They cover an area that most prospective buyers don’t even consider - the role of the developer and the original filed documents.  They also cover the role of the HOA and the rules that can be imposed (or changed) at any time, the owner’s rights and responsibilities, and legal conditions.  Although condo or co-op living may sound attractive, it is not like owning your own home on your own property.  However, if you know all this, condo living can be very rewarding.  Personally, I prefer it.  We’ve owned our own free-standing homes for almost 40 years and moving into a condo gave us the freedom of having amenities like yard maintenance, great neighborhood, and quiet neighbors.  It is important to be clear what it is you expect in condo living and “New Neighborhoods” by Gary A. Poliakoff and Ryan Polialkoff is the perfect book to read before making that final decision.  This is also a perfect book for real-estate sellers to provide to their prospective buyers.

New Neighborhoods: The Consumer’s Guide to Condominium, Co-op, and HOA Living
Gary A. Poliakoff and Ryan Poliakoff
Emerald Book Company (2009)
ISBN 9781934572184
Reviewed by Irene Watson for Reader Views (7/09)

Comments

[condo Philippines]

First of all i am so glad i found this site. I can feel from some of the comments on here that real people exist in this world, and not just "sales guru's" who want to sell you the next best thing to sliced bread..... keep it up!

Deirdre G

[Robin Smith]

In most cases there is a negotiating system that will take place during the contract process, initially the buyer will sign a contract offering a specific price and in return the seller might accept the offer or counter offer with another price.

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