Investing in any type of property can be a tricky proposition as there are many things you need to do in order to ensure that your investment is a profitable one. One of the most challenging types of investment property to own, however, is condominiums.
Condos present unique challenges because there is an inherent shared ownership structure. All of the individuals who live in or rent units in the condo share ownership of the common spaces and are required to pay dues in order to provide for the upkeep of the building and shared areas. There are typically a set of rules governing life in the condo and there may be a condo board that is elected by those who live in the building to manage relationships among tenants and enforce the rules that are in place.
Dealing with a condo board, resolving disagreements among tenants, maintaining the condo unit(s) and the common areas and making sure the investment remains profitable are all just some of the inherent challenges associated with condo investments.
Condo Management Services Can Help
Since so much goes into correctly managing a condo investment, it pays to have an experienced and qualified condo management team that is made up of professionals. A company that provides full-service real estate management and that specializes in condo management can offer invaluable assistance to help ensure everything operates smoothly in the condo and that your investment increases in value and generates passive income.
Different types of condo management services are usually available from your full-service management team, and you can choose the types of professional help that you require. For example, a good condo management team can provide:
- Financial management. Your condo management professionals can take over the tough task of setting an operating budget; collecting condo dues from tenants, managing billing and taking care of accounting requirements. Your condo management team will keep you up-to-date on how your investment is performing, where money is coming from and where money is going in the management and operation of the condo.
- Condo maintenance: Common areas need to be maintained, and regular inspections are necessary to identify potential problems and fix them before they become big issues. Keeping a condo well maintained is necessary to keep residents happy and to protect the value of the property. It is also important to help you to avoid legal liability that could result if poor maintenance and dangerous conditions on the property cause a slip and fall or other injury.
- Tax services. There are tax requirements that you need to meet when you own investment property, and there are also deductions available to you. The right condo management service can take care of all issues that arise with income taxes.
- Regulatory compliance; There are state and local regulations that apply to condo buildings and condo owners that you must comply with to avoid fines and penalties.
- Condo board management: Board members can learn from educational seminars provided by condo management companies and the management company can help to ensure the board does its job and fulfills its roll.
These are just a few of the many different things that your professional condo management team can do to help out with your investment.
