What should you look for in a healthy condo association?
What makes a condo association a healthy one? What should it have? These four things are crucial to having a healthy association that will encourage buyers.
- Having a budget. Have a reserve amount inside the budget like a line item. At least 10% of the income should go toward reserves. How much should be in the reserves is tough to tell. Some associations run low reserves and just do a special assessment when they need to. Some have higher monthly assessments but have higher monthly reserves. A good rule of thumb is $1,000 to $1,500 per unit in reserves.
- Having a hand on copy of the condo declaration and bylaws. Rules and regulations are also good to have. Meeting minutes should also be accessible. The association should be having at least one documented meeting per year.
“A good rule of thumb is $1,000 to $1,500 per unit in reserves.”
- Labeled parking. Designated parking spaces are a great addition which will encourage a good buyer experience. Labeled parking shows everyone whose parking space is whose.
- Labeled storage units. Just like with parking, labeling storage units is a great idea. This helps prevent confusion on whose space is whose in the storage space.
If you have any other questions, I would love to help. Please feel free to call or email any time.