✅ What is the earthquake issue that is different for condos versus single-family homes?
What percentage of single-family homeowners in the HOA have EQI today? | ||
What if a minority of condo owners choose EQI? | Is there a EQI plan that is optional, not mandatory? | |
What is the earthquake issue that is different for condos versus single-family homes? ▶
Whatever your opinions about HOAs, property management by associations, and/or governmental agencies that write the rules and conditions about how HOAs function, you probably fit into one of three categories when it comes to finding answers for the premise questions of this presentation. Those homeowner categories are:
1) Those who eager to find assurance (even insurance) in disaster recovery planning and want intervention to get that done (Trilogy1)
2) Those who are content with matters as they now stand and wish to maintain the status quo (Trilogy2)
3) Those who need more information about technicalities that remain unknown or unresolved (Trilogy3)
Homeownership within an HOA, today’s most common real estate development, is one of the most complex associations to understand and most homeowners find the complexity so daunting that they leave others to research the details and provide explanation. Seldom provided is a Q&A for topics like this: DISASTER RECOVERY
What is the earthquake issue that is different for condos versus single-family homes?
Simply, the difference is found in the definition of common interest.
When people looking for a primary or even a secondary home consider, "condo or single-family home?" the answer usually boils down to price, aesthetics, and personal space. Condos offer less space, but the trade-off is that the grounds and common areas are professionally managed -- and the price is often slightly less than a home.
In the case of condominiums and some neighborhoods with single-family homes, the management and funding of the shared facilities and common areas (such as playgrounds, parking lots, and swimming pools) are facilitated through homeowners associations or HOAs. An HOA makes decisions about monthly dues, maintenance priorities, rules for pets, rules for the appearance of units, yard maintenance, and other considerations affecting the community as a whole. Repairs and rebuilding of common areas is one of those considerations.
In Trilogy Glen Ivy Cobblestone Canyon condos, all of the external areas (walls out) are deemed to be common areas. Condo homeowners only have responsibility (ownership) of what is within the building unit where they reside, but if rebuilding were required, the inside of these structures are likely not to be the only area needing repair or reconstruction.
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