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Posted on January 16, 2008 by Rob Parker | Posted under Real Estate
What is a “Self-Managed" Condo?
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Typically, condominiums will employ a management company to take care of the day-to-day and month-to-month tasks that come with living in a condominium community. Every once in a while though, the condo owners will be taken for a ride by the management company (and terminate the contract) or will decide they can save money on their own, and will declare that their condo development is now self managed. So, what is it? The term self managed is fairly straightforward; once a condo board association decides to fire a managing company, they take on all the tasks that the company once did. These tasks include: Ensuring all strata fees are paid each month in full by all owners Ensuring that all bylaws declared by the board association are followed and taking action when they are not Keeping the peace between individual condo owners Making sure that the upkeep around the building is done regularly through the hiring of qualified pool techs, janitors, repairmen, electricians, landscapers, and so on The upshot is, it's a lot of work! The appeal to self manage a condo building can be very strong; after all, if you can cut out the middle man you might even save some money in terms of strata fees. However in most cases, self-managed condos are not in the best interest for anyone involved. To start with, there are a lot of legalities involved in most of the aspects of managing a condominium complex. Whereas a management company will understand these legalities and their rights both in terms of unit owners and staff, it takes a lot of work for individuals to become familiar with the fine print; and any mistakes may end up costing a lot of money! In addition, self-managed buildings have removed the distance between a managing body and fellow unit owners. This means that conflict and acrimony may actually increase between unit owners as the day-to-day tasks of running the condo are carried forward. About The Author: Driving through the neighbourhoods and seeing all of the Mississauga residential real estatefor sale can be quite confusing. Remax agents have years of experience, and they can help you decide on which neighbourhood and home best suits your needs. |
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