Condo Associations
Condo associations are critical to keeping a condo complex running smoothly. It’s the management team of a business. This group of five, the president, treasurer, secretary and two board members make the group up. These are the five board members known as the condo association board. It’s up to these five people to run an entire condominium complex.
Do these condo association board members get paid? Typically they do not. They are elected to the board by the condo owners too serve the term, usually a year, free of charge. This is asking a lot of these people based on the number of challenges that come their way over that year’s time. Normally after one year, there is a vote to see if they will either be re-elected or a new board will be put in place to run the condominium complex.
Condo associations make decisions on a number of things including what to renovate in the complex, what to do about a dog that constantly barks after hours and if a ceiling leaks water into another condominium. They handle calls for maintenance and look to find the best prices for all the services that need to be done to run the complex. Condo associations, just like anything in life, can make or break the organization of the development based on how much effort is put into the management end. If you have a condo association that is right on top of things, you’ll find the complex running much smoother and efficient. This is so important for the reselling of the condo. If you want to sell your condo and you have a condo association that is very efficient and keeps everything running excellently, the new buyer is going to be more attracted to your particular condo complex.
This shows you how important it is to have the right people in place running the condominium association. If you hire the wrong people, it can cost you thousands in re-sale of the condo. Though you’ve kept up your condo inside its four walls, the complex itself can show horribly. The complex may actually be kept up, but the books (financials) are in disarray causing a buy of a condo to look elsewhere. This could tremendously impact the sale of your condo and your financial future. Make sure when you buy a condo, you check everything you can about the condo association and how it’s running everything.
