How Are Condo Fees Calculated: The Truth Is Out

How are condo fees calculated? We’ll remove the shroud of mystery for you

Waterfront Living how are condo fees calculated

There is a lot of money moving around when you buy a condo – or any real estate for that matter. Points, closing costs, inspection fees, down payment, mortgage insurance, moving costs, taxes, and condo fees are just a few places your money gets allocated.

Some are straightforward, while others are cloaked in mystery. Figuring out your mortgage payment or closing costs is easy enough to determine. You know ahead of time what your condo fees are, but how are condo fees calculated? If you’re going to be paying a fee every month, it’s only fair that you know how those fees are decided.

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A Condo Inspection Checklist for Condo Owners and Property Managers

A Condo Inspection Checklist for Condo Owners and Property ManagersKeeping a condo inspection checklist handy will help you head off major repairs before they become major headaches.

If you’ve seen The Money Pit, with Tom Hanks and Shelly Long, you’ll know one of the most famous scenes. One house problem after another has the exasperated couple who are excited to finally relax and enjoy a hot bath. But just as they fill the tub, it falls through the floor, crashing into the home’s entry way.

The condition of your condo probably isn’t that bad, but a condo inspection checklist can help you spot problems before they become big, exasperating ordeals.

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How To Improve Participation in Condo Board Elections

condo board elections

Does the apple pie contest get more votes than your condo board elections? These tips will bring even the most reluctant of residents to the ballot box.

Let’s be honest, getting condo residents out to your association meeting is challenging at best. Some meetings don’t require a huge turnout, and that’s fine. You probably don’t need a large turnout for voting on a landscaping contract.

It’s a different story when you are scheduling condo board elections. This is a vote that will directly impact residents, and in order to keep your condo community happy, residents need to feel like they have a vested interest in how the property is managed.

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What’s a Good Property Management Salary?

property management salary

Finding the best advocate for your community may boil down to offering the right property management salary.

Hiring a new property manager is an adventure. You have to weed through some, shall we say, interesting applications. That’s the easy part. What you’re left with are (hopefully) several great candidates to interview and select.

Among the many things you need to determine when writing a property manager job description, is a competitive property management salary for your area.

If you want a qualified, competent property manager, the salary has to be in line with the going rate, as well as the general cost of living in your area. Here are a few things to consider when you’re trying to attract qualified candidates and remain within your condo association budget.

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Traits of a Successful Condo Owners Association Member

Condo Owners AssociationFive ways to be a valuable asset to your condo owners association

You’ve been elected, and now you’re wondering how to be the best condo owners association (COA) member possible.

You want to be sure that you’re doing everything necessary to live up to your new responsibilities. You take your job seriously, and you want to be someone who improves life around you, not just sits by and watches things change.

Being a member on the board of any association is similar to being a part of a community. While a community gathers people together with a common interest or background, an association forms a group with a goal to better their common interest.

You already know that being part of the condo owners association is an important job. You’re creating a better living environment for yourself and your peers, and that, my friends, takes a lot of effort.

Want to be the best member of the condo owners association? Try one of these five tips: [Read more…]