Condo Living – The Seven Deadly Sins

1) Do not compare before buying. Fall in love with the place and do not watch your future neighbors. Get unfamiliar with the neighborhood and feel like you and your family have parachuted into this unit.

2) Don’t bother reading the minutes of the annual meeting of the owners’ association that the owner will provide to his real estate agent for information on the activities of the condominium. Don’t distinguish between normal and capital expenses and don’t realize the importance of a reserve fund.

3) Don’t attend the annual condo owners meeting and find out what’s in store for next year or what happened last year. Do not think of spending a few minutes of your time to study the financial statements of the last 5 years, including the accompanying notes that could shed light on the financial state of the association.

4) Don’t be present at special appraisal meetings that are often called to explain in great detail the amounts that will be charged to pay for unforeseen or poorly planned capital expenditures, and don’t ask questions about additional fees that may be required. that can last for many years

5) Do not get involved in any committee, or in the board of administrators and do not inquire or try to feel the degree, not of the social skills of the administrators, but of their vision and competence in managing buildings or businesses.

6) Do not care for your unit and plan to leave before major renovations are required, leaving the mess to others. It doesn’t matter if other unit owners have a similar attitude and believe in this “laissez-faire” philosophy.

7) Do not read the rules and regulations of the community of owners guide and let others worry about the state of the building and its administration.

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