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....
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...
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 ...
It’s a robust, user-friendly platform that I highly recommend to any condo association looking to improve their operations and communication. What do you dislike about Condo Control? I wish the reports were a bit more customizable; however it still allows me easy access to the information I...
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. ...
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 ...
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:...
For example, for Dec. 31 month ending, the statements are due by the Feb. 11. 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...
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...
Consider meeting with members of the condo association or current residents to gain insights on life as a resident of the complex. Assess the amenities. Condo amenities are nice, but they can make living in a specific complex more expensive. Evaluate whether features such as a pool, gym or ...