What is the difference between a condo association and a Homeowner’s Association (HOA?)
A Condominium Association (also known as a Condo Association,) is an association of owners usually in a building or multiple buildings divided up into separate homes. The owners of the condo units generally own their individual unit as well as shares in the common elements and areas.
With a Homeowners Association (HOA), the association itself owns common areas and homeowners are members of the association.
The structure and governance of the associations tends to be different.
For a Condo Association, it is usually governed by a board of directors who are elected by the unit owners. The board of directors usually makes decisions on behalf of the association, which includes setting rules, budgets, and overseeing building and common area maintenance.
For an HOA, it is often managed by a board of directors who are elected by homeowners. The board of directors generally makes decisions on behalf of the community, like setting budgets, and enforcing community rules and covenants.
There are definitely similarities between the two types of associations. The owners pay dues, and the board of directors govern the associations.
The biggest differences are what they often manage – units within a larger complex in a condo association, or single-family homes or townhomes in an HOA.
Both associations work to maintain community standards and amenities while collecting fees from property owners to fund the association’s operations.
Please note that each condo association and each HOA may be governed differently and have different fees, rules, and regulations. This is just a general overview of potential differences between condo associations and HOAs.
If you are considering buying a condo in Timonium or buying a Towson home in an HOA, please contact me. I would love to help you move into your new Baltimore home!