02-01-2019, 11:09 AM
(02-01-2019, 10:17 AM)robdrimmie Wrote: I'm curious how much the common areas add to the value of the units. My guess is very little. If the unit itself is great and the location is right, I can't imagine being too concerned about it, especially for the folks buying units to rent.
In buildings where most of the residents are also the owners, do the condo boards end up putting money into common areas for more than just up-keep?
You are correct on both points. As a Condo owner who rents out units, and with my personal experience as living in a condo I can advise that typically Condo Boards are interested in refreshing the common area. It makes an immediate impact on value and resale. The common area provides the equivalent of curb appeal and it is a barometer to how well the building itself is managed. When I buy a condo I look for a couple of things, what is the balance of the "reserves" on the certificate and what does the up keep appear to be.