HOW TO RECOGNIZE A POORLY ADMINISTERED BUILDING IN CO-OWNERSHIP?
By Élie Boridy, administrator, Syndicat des copropriétaires du 995 Muir
Saint-Laurent Borough, Montréal
There was a time when the principal factors considered in the acquisition of a condominium were the purchase price and the condo fees. The lower the condo fees the better it was. Unfortunately, the reality is that one day or the other money will be need for maintenance and repairs.
How to recognize a condominium badly administrated? Here some clues:
When in front of a building do you notice the following things?
If you notice one or more of the above points most probably the building is badly administrated.
Indeed, our declaration of co-ownership prohibits all the points enumerated above. If administrators tolerate one of the points mentioned above, they would later have difficultly enforcing the other rules. Often, these administrators do not observe themselves the rules of the building.
Most probably the administrators that do not enforce the building rules have no courage to increase condo fees in order to plan for an emergency fund. They would not have either perspicacity to establish a maintenance log, nor to make a periodic evaluation for insurance. Lastly, they would not have the building inspected by a professional to evaluate its condition and ensure its maintenance.
As a consequence of low condo fees there are higher risks for painful special contributions and decreased value of the condo units