Excellent question and highly misunderstood! You would need to read the Declarations and Bylaws, a copy you can get from the title company, county recorder, or seller. But basically, most condos follow the same rules (but not always):
I had a potential client ask me that the other day and that is hard to understand and explain. So let me shed some light into the answer for not only me, but my industry in general.
Recently a condo owner returned from a week away to find that his condo was flooded, and their ceilings fell in, and lots of personal belongings were ruined. Why you wonder? Well his neighbor, who was no longer living in his unit, had an upstairs supply line to his toilet break and flood both units. Over $75,000 in damage to both units. So my question to you is this: Do you have your condo interior and belongings insured?
So many times people buy a home or get the idea to invest in real estate to make money because they see it on TV or read it in a magazine and want to get rich. Can you? Absolutely! But if you have never done this before, listen for just a few minutes:
I often here people say "I had an investment property but the tenants were bad so I sold" or "Why do my tenants leave every year?". So here is a thought for you:
Almost every day I get a call from someone who thinks that property managers have more power than we do...either referee or police power or able to give parenting lessons!
Selling perhaps? Let's hope not! Its usually a bad idea to sell an investment property, what with the depreciation recapture, the low appreciation rate of investment real estate, the vultures (investors) waiting to get your property at a low price, the hassle of showing occupied rental property.
Hiring a condo manager that is a partner and not just a clerk will take care of everything, in advance, and keep complaints lower and values high. At the end of the day well maintained and managed Associations sell for higher prices, and isn’t that the end goal? We have the experience and skills to make your life better and managing your condo easier for you. We’ll Take Care of That!
Its the age old battle-"In this corner, representing higher prices, better service, more details, happier clients, the defending heavyweight champion: Quality" !
Own investment houses? Many times they are good investments, but there are three things investors hear that will make them cringe in their boots: