2 ms·
Did you read the rest of the comment? How do you solve the problem of condo owners not maintaining a property and letting problems fester for a couple decades
by lotsofpulp 3y ago
Did you read the rest of the comment?
How do you solve the problem of condo owners not maintaining a property and letting problems fester for a couple decades after which they might be dead or move out?
- seszett 3y agoCondos are just a kind of appartement, right? There is normally a kind of owners assembly in which the various owners can take (binding) decisions or action regarding such problems or anything that concerns the building as a whole. It might not be mandatory in all countries I suppose, but it should be.
- bombcar 3y agoIt's called a home owner's associate or condo board or similar. And a relatively common issue is underfunding it, so one of the things you have to be aware of if buying a "used" condo is how funded the association is, or you may find that the "deal" you got compared to others in the area is because you're going to be hit with a $50k additional assessment in a few years to fix deferred maintenance. Extreme examples include: https://en.wikipedia.org/wiki/Surfside_condominium_collapse https://en.wikipedia.org/wiki/Surfside_condominium_collapse