Many Condo Owners – possibly the majority – purchase a Condo property without a full appreciation of what they’re getting into. They anticipate that by owning their property, they will be free from any sorts of burdens. These individuals are often disappointed when they are impacted by rules and bylaws, when the Association can enter their unit or even a special assessment vote. Conversely, there is a class of Owner who “gets” it. The elusive Informed Condo Association owner is one who takes their destiny into their own hands. They understand that they don’t control everything in a Condo Association – that’s just not how it works. Instead, the Informed Condo Association Owner seeks to capture all relevant information that could impact them, and then acts accordingly.
The Informed Condo Association Owner Reads the Important Condo Documents
The Informed Condo Association Owner makes sure they take advantage of all of the documentation that is mandated to be available to Owners. While some of these documents aren’t as compelling as a New York Times bestseller, they do contain relevant and important information. An Informed Condo Association Owner makes sure that they’re reading key documents, like minutes, financials, Bylaws, and rules.
The Informed Condo Association Owner Shows Up to Meetings
The Informed Condo Association Owner knows that reading the right documents is important, but that actually showing up and keeping an eye on the Board is even better. They will make sure they always make the annual Condo Association meeting and try to attend at least a handful of monthly Condo Association meetings every year. The Informed Condo Association Owner will use their knowledge from reading the important Condo documents to make sure they’re showing up to meetings knowing what’s going on. They also know that a Board that is under scrutiny is less likely to break bad.
The Informed Condo Association Owner Asks the Right Questions
Armed with a good knowledge of the Condo Association’s workings – and maybe better knowledge of the Bylaws and rules than some Board members themselves – the Informed Condo Association Owner asks the right questions. They’ll ask relevant questions during meetings about ongoing projects. If worried about a possible special assessment, the Informed Condo Association Owner will try to get key information out of the Board about the timing and cost. Armed with this information, the informed Owner is better prepared and may have a significant advantage over uninformed Owners to prepare their finances accordingly.
Protect Your Investment
You invested hundreds of thousands of dollars in buying your Condo. You probably pay thousands – maybe even tens of thousands – of Condo fees every month. For most people, that’s big money. There are plenty of horror stories of people who didn’t stay informed and watched their community get swindled or screwed. Don’t be one of them. Be an Informed Condo Association Owner and make sure you’re protecting your lifestyle and your Condo investment.