Living in a Condominium – Boon or a Bane?

Living in a condominium is a multi-faceted and multi-dimensional experience for those who decide to do so. Living in a condominium would mean having and owning your own space, maintaining it yourself and being responsible for the tax payment, etc. yourself but at the same time there will be some common utility areas like the parking area, the walkways, the garden, the play area, elevators etc. being owned by all the individual owners in the entire condominium. Since a condominium involves a group of people and not an individual it is usually governed by a board of directors who run the condominium and take care of its day to day activities.

Usually the board of directors is elected from the owners of the individual condominium apartments to manage the daily activities. It is also the responsibility of the board to manage the regular upkeep of the common areas, to employ and supervise all the employees including the maintenance workers, plumbers, electricians and other repairs of different kinds and other contracted labour.

These various employees need to get their money, their taxes have to be deducted and the stability needs to be ensured for the entire property. All this is the collective responsibility of the board.

Representing the collective group of individual owners is not an easy task. It is the duty of the management of the condominium to handle discrepancies and problems of all kinds, whether big or small, or emergencies of all kinds and to sort these out then and there.

All condominium boards charge a nominal fee from all the individual owners to help the board run the condominium efficiently. This rate is usually based on the size of the condominium with respect to the number of individual units present within the condominium. Other factors which will affect the maintenance fee would be value added facilities such as the availability of a children’s play area, a garden, a gymnasium, car park, etc and so on.

The maintenance fee will also include the number of employees employed by the board to maintain the condominium, the number of repairmen available, etc.

The frequency in which such charges are collected from the owners varies from condominium to condominium. Whilst most of the boards collect a monthly fee, based on the size of the individual unit owned, a few of the condominium associations also have the option of collecting such fees on a quarterly, half-yearly or annual basis as well.

To conclude, living in a condominium is a great experience as it provides an opportunity for families from different backgrounds in terms of race, ethnicity, culture and education to stay under the same roof. However how far this experience is enjoyable also depends on the nature and attitude of the board which runs the said condominium.

 



 What To Ask Before Signing Property Management Agreements

 





Motivational Speaking News:

 

Bankers played property right through the boom - Irish Times
The extent to which senior officers in AIB were themselves caught up in the Irish property bubble is becoming more apparent as the months pass, writes COLM KEENA , Public Affairs Correspondent PUBLIC FILINGS have shown that two senior executives of ...


Nearly 4 Million Trees Planted in 2008 for 20 States, 7 Countries - American Forests
American Forests will plant nearly 4 million trees in degraded sites across 20 states and four continents in 2008 with special attention given to wildfire-stricken California; 11 projects will plant a total of 426,000 trees there. Seven international ...


Residents plead for tougher fly ash rules - Tulsa World
BOKOSHE EUR” Oklahoma asserts it already does a good job of managing coal combustion waste under existing laws, but residents who live near a fly ash disposal site are pleading for the EPA to adopt tougher standards they believe are needed to protect ...


Canadian Banks Still Paying Juicy Dividends
Last Wednesday the markets were comforted by Fed chairman Ben Bernanke's comments that the US economy is in a nascent recovery that requires interest rates to be kept low...


Hillsborough's Claremont section finally getting sewage service
Since they were built in the 1960s, houses in Hillsborough's Claremont area have not been connected to a sewer line...


Investment Property
FHA blesses property flipping on foreclosures by real estate investors and landlord investors FHA has delivered great news for real estate investors, landlord investors and property manager and property management companies who deal ...


Layoffs, Tax Hikes Loom in Park Ridge
Layoffs of about 17 full-time Park Ridge employees, including police and firefighters, in addition to several tax and fee increases and the elimination of community-group contributions were among the proposals presented to the Park Ridge City Council Saturday as ways to balance the city's 2010-11 budget...


Why Use A Property Management Company | Blog Cash Biz Internet .
A common way to make money is by investing in rental property. When the property is an apartment building with multiple units, a decision has to be made. Do you care for the property yourself or hire a management company?..


Stocks to watch: AIA, APT, CMO, DGL, GPG, TUR
Monday, 1 March 2010, 9:32 am Article: Businesswire Stocks to watch: Auckland Airport, APT, CMO, DGL, EBO, GPG, TUR Feb...


 



 What To Ask Before Signing Property Management Agreements


Technorati Tags: , ,