What is a COA?
A COA or Condo Owners Association is an organization that oversees, regulates, and maintains condo properties. This includes the building itself, the parking lot, lawn, playground, etc. The COA creates and implements rules for the residents and their condo units. People who purchase a unit under the jurisdiction of a COA must pay monthly dues for common area maintenance and cleaning.
Fees range a great deal depending on the services of the condo building and the location of your property. Buildings with only basic features will likely have a minimal COA fee, while a luxury property with amenities like a pool, gym, dog park, etc. will likely have far higher dues.
What is the Difference Between a COA and HOA?
The biggest difference between a COA and an HOA is how the association regulates the properties. An HOA oversees and regulates the neighborhoods such as subdivisions and planned developments made up of single-family homes and individual lots. A COA oversees common structures with multiple units. Townhomes are similar to condominiums, because they include common structures, but might include additional land and external surfaces that most condo buildings don’t have.
COAs are responsible for all the general common elements and the limited common elements of the condo building. General common elements include areas such as lobbies, sidewalks, hallways, swimming pools, roofs, parking lots, playgrounds, and other community facilities. General common elements are used or available to use by all unit owners, but limited common elements are parts of the condo only to be used for the exclusive use of individual unit owners. Limited common element areas include balconies and patios in individual units.
In a COA, condominium owners are responsible for the maintenance of their unit, as well as the maintenance of any limited common elements that they exclusively use and have access to.
Meanwhile, maintaining, repairing, and replacing common areas is perhaps the biggest responsibility of an HOA. Owners in the HOA are responsible for the maintenance of their lots and the exterior of the home.
One of the biggest differences between COA and HOA is the structure of the fees. Condo Association fees pay for the maintenance and insurance for the exterior of the building and common areas, as well as for water, sewer, trash, basic cable, and Internet service. COA fees are usually higher than the HOA fees of a similarly sized property because of lower maintenance, repair, and insurance costs.
Could Your COA Use the Help of a Professional Management Company
Your COA can positively impact your condo building, but only if it is run well. If your association needs a professional management team to keep it on track, give CSM your attention. We are a full-service HOA and COA management company that offers a wide range of management services, such as homeowner communication, collections, back-office services, and more. To learn more about how CSM can improve your community, contact us online, or give us a call at (865) 315-7505.