The Truth About Condo Ownership

Owning a condominium home has so many benefits:  no mowing the lawn, no pushing those heavy trash cans to the curb, no prospects of poison ivy while weeding flower beds….BUT!

Did you realize when you purchased your new condo, or if you intend to purchase, you are/will be in partnership with each and every one of your neighbors?  Did you read the documents that were given to you prior to closing?

Before you purchase, or if you are currently thinking about it, familiarize yourself with the the Virginia Condominium Act.  Chances are members of the board of your association have never read it and I doubt the manager of the community requires that knowledge.

Owners of units within the community must dedicate themselves to knowing the law and abiding by the rules stated in their documents. Going “with the flow” while living in a condominium community may wind up costing you dearly and diminishing your investment.  Get involved, go to meetings and run for the board!

While I advocate self-management and consult with small communities of 24 units or fewer, this style of management is not always the solution.  Board members must be smart, understand real estate, study maintenance and learn to properly invest reserve funds.  Sometimes it works and saves thousands.  Other times board members for lack of knowledge simply become pawns of the management company. Lack of proper and timely maintenance results in huge unwanted assessments which can cause foreclosures.  I have those stories!

Please feel free to call me with your inquiry:  Kim Rizzo  757-477-6080  or email:  Kim@CondoProtectiveServices.com