Finding the perfect condo requires you to be very clear on what your personal preferences are. Whether you are seeking a condo as a first home, a vacation home, a rental investment, or even a place to live in retirement as you downsize, you need to know exactly what you want in order to identify it in your hunt for the condo of your dreams. Many condos are offered in buildings that are governed by a condo association that determines how the place is run, how funds are distributed, what is allowed, and more. There are pros and cons to having condo association management in place, and it's important to weigh them carefully before deciding where to move.
Pro: They May Lighten the Work Load for Condo Owners
Since condo association management usually takes care of such duties as trash removal and landscaping, individual condo owners don't have to worry about these things. The work load of residents may feel lightened since they don't have the consistent chore routine that they may otherwise have.
Con: Fees and Other Expenses Are Necessary
Condo association management comes at a reasonable price, but it still requires payment. Residents will need to pay monthly fees and may need to pay additional expenses for special services that are necessary.
Pro: They Can Maintain the Property Value of the Condo
Because condo association management is usually provided for the benefit of residents, it also often results in a well-maintained building and high standards of upkeep. That can help the property value as people want to live in beautifully kept buildings with the amenities and services they desire.
Con: They Limit What You Can Do
The condo association management will likely have very specific rules about things that are allowed on the property as well as things that are not allowed. This is typically to ensure harmony among neighbors and the general comfort of all residents. Music may not be allowed above a certain volume. You may not be allowed to paint your doorway any color you would like. Certain furniture or decorations may be forbidden on balconies and patios. Some of these things may frustrate you if you want to engage in forbidden behaviors in your condo building.
Pro: They Also Limit What the Neighbors Can Do
Whether it's drug use, repeatedly stomping on the floor, or something altogether mild, don't ignore a neighbor's bad behavior. If you perceive your neighbors as engaging in problematic activity, you can report it to the condo association management, and they will put a stop to it if it violates the rules of the building. While it's best to discuss the problem with your neighbors directly first, some feel that going through the association is best.
Finally, keep in mind that condo association management can be a great asset to a building. It can help to enhance the lives of all residents, but it comes with certain rules and regulations that you need to be comfortable with before buying a condo in a building that is maintained by a condo association management.