Search results for: special assessment
What are the Core Responsibilities Involved in Managing A Condo Corporation vs. Administration?
The title “Condo Manager” can be misleading. While one condo corporation might hire a Condo Manager to oversee administrative duties, another might hire them to carry out duties that require a license. The Condominium Management Services Act defines the core responsibilities of a licensed Condo Manager. Here we compare the core responsibilities of a licensed…
Read MoreWhat’s a Healthy Reserve Fund?
Your condo reserve fund sets aside money for non-routine repairs and replacements. However, if your board isn’t careful, you can make critical errors that make it impossible to cover these necessary capital expenditures. As a result, your residents face the risk of special assessments. Here we look at what is considered a healthy reserve fund…
Read More3 Hidden Condo Damages Every Board Should Know About
Your building envelope is susceptible to direct and indirect damage. Direct damage is obvious and occurs to the building envelope itself. Indirect damage is hidden and results when direct damage is not addressed. As a result, indirect damage ends up costing your condo money as it is slow and progressive. Here, we look at three…
Read MoreThe Reserve Fund Planning Challenges All High-Rise Condo Boards Need to Know About
With more and more Toronto condo towers reaching over 40 storeys, condo boards need to understand the challenges high-rises present for reserve fund planning. The taller the building, the more challenging upkeep becomes, especially when considering exterior renovations. Here we look at the reserve fund planning challenges for high-rises and the costs of “working at…
Read MoreCondo Boards! Focus on these 3 Things to Create a Healthy Condo Budget for Your Corporation
Here we offer tips to help your condo board create an effective condo budget by focusing on 1) income, 2) expenses, and 3) your reserve fund. 1.Income Condo common element fees (CEF) are the source of revenue funding your budget. Follow these best practices to manage your income effectively: Introduce a CEF process Introduce a…
Read MoreUnderstanding Your 4 Most Important Condo Corporation Financial Statements
When your condo board receives your corporation’s financial statements, it helps to understand what reports provide the best insights into your financial health. Here are tips to understand the four most important condo corporation financial statements to help you manage assets, gain financial control, and become a more effective planner. 1.Aged Delinquency Report Keeping on…
Read MoreHow Your Board Can Ace Project Management with These Condo Renovation Strategies
Condo renovations can become nightmares when condo boards fail to manage the project effectively. However, your board can ace project management with these condo renovation strategies. Plan Out the Critical Steps Building restoration and renovations follow several steps, each with an approximate timeline: Assessment to determine what the project involves (Up to a month) Initial…
Read MoreEvery Condo Board’s Guide to the Proportions of Costs for their Condo Corporation
The monthly common element fees (CEF) your condo board collects come with an obligation to your unit owners. Your job is to ensure you allot those funds properly to cover expenses and manage your reserve fund effectively. Here we offer a comprehensive guide to help you understand the average proportion of cost allotments for a…
Read MoreWays an Experienced Property Management Company Can Lower Condo Maintenance Fees for Its Owners
Monthly maintenance fees can indirectly effect condo property values. High fees can often discourage buyers, which decreases demand for units in your building. However, there are ways you can lower condo maintenance fees by working with an experienced property management company. Here’s how they can help. Improving Energy Efficiency Property managers conduct energy audits to…
Read MoreWhy Your Condo Board Is Missing The Boat Without A Preventative Maintenance Plan
Preventative maintenance plans allow your condo board to shift from short-term repairs to long-term improvements. While you still conduct the work in small increments, you manage it in a smarter, more cost-effective way. Here’s why your condo board is missing the boat without a preventative maintenance plan. You Become Proactive, Not Reactive Preventative maintenance plans…
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