In Part I of this series we discussed the various types of condo ownership and how they change the type of financial and legal responsibilities associated with each type of ownership. Part II of this series are some tips and a checklist that you can use to help you in the buying decision process.
Who is managing the Condo or Coop Board?
Nothing is probably more indicative of the quality of management, financial well being, and property condition than the management of the Association or Board. If it is a small Association then more than likely one or more of the Association members has volunteered for the position. This is a thankless job which frequently has no monetary remuneration associated with it. Thus there are frequent changes to the management which is not always a good sign. However, if one person has been managing the company for many years, this may be a sign that the other owners are not paying attention to what is happening to the common property and the financial health of the Association. Good participation by all owners is a good sign that everyone is involved in the financial and property upkeep. A healthy attendance at Board Meetings is always a good sign. Continue reading