How to prevent a condo board breakdown
When owners lose trust in a condominium Board of Directors, necessary repairs do not get done, lawyers get called and the value of all of the units in the building start to decrease. Here are some tips both before and after you buy to make sure this does not happen to you.
- Read all the condo documents before you buy, including the rules, restrictions and financial statements of the corporation. Make sure they are not operating a deficit and there is enough money in the reserve fund to pay for needed repairs;
- Volunteer to join committees to assist in making the building more of a community; to learn about problems and pass them on to the property manager for resolution;
- Attend all meetings to make sure that you understand and agree with all decisions being made.
- Remember that most directors do this work for no compensation, and are required to make sure that there is enough money being collected to pay all current and future repairs that are necessary.
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