Condominiums provide a unique living environment that is different from an apartment or a house. In a condo building, tenants own their individual units, which are part of a larger whole building. There are shared common areas within the space and the tenants typically pay dues in order to cover the cost of keeping these areas nice and functional. Condos may offer many amenities, from gyms to swimming pools, but there are also usually some rules and requirements that need to be followed by all tenants to ensure that people live in harmony.
Condos can not only be a great place to live, but purchasing condos can also be a great investment. However, if you opt to invest in condos, it is really important that you understand exactly what is involved in condo management and it is essential that you are prepared to choose the right method of managing your condo.
What is Involved in Condo Management?
Condo management involves many different things, depending upon the specific condo building and depending upon how you invest in and profit from the condo space. However, some of the different tasks that are usually involved in a condo management situation include:
- Financial tasks: Condo residents typically are required to pay regular dues and the money is generally used, at least in part to improve or fix common areas. A condo management company can help with all different kinds of financial tasks. From assisting in setting the amount of the dues to ensuring that the dues are collected, a condo management company can keep the money flowing. Condo management companies can also establish a budget, manage billing and accounting, and prepare financial statements that are sufficiently detailed to meet the requirements set forth in the condo bylaws.
- Condo maintenance, repairs and improvements. Things can break in condos, just like in any other type of building. Doing regular maintenance helps to reduce the chance that there will be an emergency where something breaks and must be repaired right away. Routine upgrades and regular maintenance can help to ensure that a condo building remains an attractive place for all residents, and you should have help from condo management professionals who can set a maintenance schedule and who will have reliable, trust-worthy and reasonably priced contractors and trade professionals doing the work. When something goes wrong and must be repaired right away, the condo management company is also going to be the one to field that phone call.
- Tax compliance. Condo owners and investors must comply with all state, local and federal tax requirements in order to avoid costly fines and penalties. Professional condo management companies can help to ensure that all tax laws and rules are followed so that there is no trouble with the Internal Revenue Service (IRS).
- Condo board management. Condo boards make decisions on behalf of those living in a condo. The job of condo board members can be a difficult one and it is not uncommon for there to be disagreements. A professional condo management company can provide educational seminars for members of the board; help to set board meeting agendas; and even attend meetings if needed.
These are some of the key things that are involved in condo management. Find a trusted professional to help manage your condo so you won’t have to worry.
