address maintenance costs and any added amenities. It’s important to factor this cost into your homebuying budget. In addition to regular monthly fees, condo associations might also enact special assessments for unexpected expenses, for example if the roof suffers damage and needs to be repaired....
If a dozen members struggle with paying dues in any given month and your community has 500 condos, you aren't likely to feel the impact. However, if you live in a community of 10 condos and two people fall behind, there goes 20 percent of the association's budget. Pro: It's Cheaper...
It’s important to take the cost of the condo association’s monthly fees into consideration when youbudget for your home purchaseas well. These fees might not be set in stone: “Like property taxes, there is some risk associated with HOA fees increasing over time or with large, one-time ...
While a single person, company or group of investors owns the condo complex, shared areas are typically managed by the development's homeowners association. HOAs are generally made up of condo owners from within the complex. HOA members don't have a greater o...
And battling your condo or homeowners association can often be more difficult than fighting City Hall. “When an owner takes on an HOA, the deck is really stacked against the homeowner,” says Sara Benson, one of CHPPI’s founders and the co-author of “Escaping Condo Jail:...
National crises including the 2008 housing bubble and the coronavirus pandemic have impacted many unit owners. Association members who have experienced reduced or inconsistent income may now find it difficult to afford association assessments. Even proactive associations that budget for regular maintenance ...
The financial statements include operating and special levy accounts, investments, bank reconciliations, and receivables. Your council should be able to review these and compare to your approved budget for the current fiscal period. As a best practice, strata corporations with unpaid strata fees, spec...
Additionally, investors should carefully consider their budget and long-term financial goals before taking on a loan to purchase a condo. It’s crucial to find a balance between manageable monthly loan payments and the potential returns on the investment. As such, proper financial planning and rese...
No budget is perfect, since it is a projection of the future. It is always going to be inaccurate in some way, but it is legally required tool to project your assessments. There are unpredictable elements to every Association. For instance, it is not possible to know if 100% of the own...
“Typically, each contract is specific to an association's budget. The almighty dollar has the final say in it,” he says. “The per-inch contract is more structured to a pay-for-what-you-get-type contract, where other associations may be strictly on a budgetary figure and they don't ...