How to Protect your Condominium Investment

One of the best ways to protect your Condominium Investment is to join the Board of Directors. This position is often overlooked and is of extreme importance. The Condominium Manager takes direction from the Board. Condos have different declarations, rules etc. Generally Boards set the budget which is ratified at a AGM meeting. Unit owners are often not aware of the power a Board has and how much discretion they use.

Often Boards seem to have experience however they can lack common sense. I have seen Boards spend money on " flower bed Maintenance , yet the driveways did not get paved. Just as in life there are wants and needs. Often Condominium Boards will overlook infrastructure repairs and focus on beautifying the complex. Believe me a good looking complex can be tough to sell if the complex require a special assesment to effect the repairs.

If you join the Board and get involved this is an excellent way to protect your investment. If you have no time , then when you receive the proposed budget , review before the Annual General Meeting so you are prepared to make sure the Board is truly representing the voice of the community.