When we start working with a new association, the first thing we do is a full financial review and budgeting. More often than not, we find associations do not have enough cash in the bank to be financially healthy, and are often depending on frequent assessments to make ends meet. Even more common, they barely take in enough money to actually be solvent. We have a few tips on how to actually add some stability to your condo financial planning, and greater value to the unit you own.
In many ways associations like condo trusts, or homeowner associations (HOAs) make it easier to get collective efficiency for joint owners of a property, and help ensure its proper maintenance and protection for all. However for many associations, particularly self-managed ones, it can be challenging to effectively distribute the workload of running such an association. This is where the services of a proper management company come in. Not all property and condo management firms are alike, and have different strengths and weaknesses with some being more ideally suited for specific applications. On whole there are a few things we recommend looking out for when it comes to a manager for your condo, or homeowner association (HOA).