Just as all condominium buildings are not created equally, not all condos are being managed equally. If you’re considering a move to another condo, first find out how it’s managed and be sure you’re comfortable with that style of management before purchasing a unit in that building.
The management of some condominiums is contracted out to a property management company that oversees day-to-day operations under the direction and supervision of its board of directors. A property manager’s responsibilities could include keeping common areas clean, paying the utility bills for the common areas, collecting monthly maintenance fees from residents and operating and maintaining the central space and water, heating and air conditioning systems.
Property managers are typically not responsible for problems within each resident’s individual suite, unless they are linked to the building’s common elements, such as the cooling and heating systems, roof, windows and exterior walls.
Some condominiums may be self-managed, as opposed to having their day-to-day operations handled by a contracted company. Under this style of management, the daily maintenance of the building is handled by the board of directors itself and, in some cases, unit residents who act as volunteers in carrying out day-to-day tasks.
Whether a building operates under a contracted property manager or is self-managed can have an impact on your monthly condominium fees, as well as your responsibilities toward maintaining the building. Be sure you understand how a building is being managed before you decide to take up residence.