Comments on: Why do my condo fees keep going up? http://www.thickenmywallet.com/blog/wp/2009/06/09/why-do-my-condo-fees-keep-going-up/ Everything to do with thickening your wallet by entrepreneur turned President of an Investment Company Tue, 07 Sep 2010 20:18:38 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com http://www.thickenmywallet.com/blog/wp/2009/06/09/why-do-my-condo-fees-keep-going-up/comment-page-1/#comment-18940 A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com Fri, 12 Jun 2009 01:23:43 +0000 http://www.thickenmywallet.com/blog/wp/?p=1001#comment-18940 [...] Thicken My Wallet explains why your condo fees might keep going up. [...] [...] Thicken My Wallet explains why your condo fees might keep going up. [...]

]]> By: admin http://www.thickenmywallet.com/blog/wp/2009/06/09/why-do-my-condo-fees-keep-going-up/comment-page-1/#comment-18926 admin Tue, 09 Jun 2009 19:48:09 +0000 http://www.thickenmywallet.com/blog/wp/?p=1001#comment-18926 Mark- thanks for the good tips. Mark- thanks for the good tips.

]]> By: Mark http://www.thickenmywallet.com/blog/wp/2009/06/09/why-do-my-condo-fees-keep-going-up/comment-page-1/#comment-18924 Mark Tue, 09 Jun 2009 15:07:35 +0000 http://www.thickenmywallet.com/blog/wp/?p=1001#comment-18924 One other reason for your condo fees to go up is your building management; either internally by owners or via a 3rd party company. My wife & I have been condo owners for the past 11 years; 8 of which I was one of the 3 administrators/managers of the 126 unit complex. 3 years ago one of the owners (who had also been a past admin/mgr), pulled the rug under us & got pretty much everyone to vote to transfer the management to a 3rd party company, saying that they had better management skills than the 3 present admin/mgrs... considering that the 3 of us were pretty much knowledgeable in business (I a bank mgr at the time, one a construction mgr and the other a certified accountant), we were a bit dumbfounded... To make a long story short, many now question their decision as they are not easily reachable, condo fees have gone up - the first time in over 15 years - and several have recently been asking me if I would return; although diplomatic, I pretty much mentioned that they are lying in the bed they made & that it won't change much for me as I've recently sold both condos... We live in a building that was very well managed and maintained even if it was built in 1982 - the inspector during one condo sale mentioned that our building was in better shape than most ones built these days... Condo owners need to get involved in the management of THEIR building; the management company most times is there to "manage" the "day to day" of the building and not "plan" so much for future expenses as they can be removed quite easily when owners want to... One thing I disagree with you though is the potential investment in condos; I believe it was a great investment as the first condo we purchased gave us a 100% return (11 years) and the other 30% (3 1/2 years)... have a great one!!! One other reason for your condo fees to go up is your building management; either internally by owners or via a 3rd party company.

My wife & I have been condo owners for the past 11 years; 8 of which I was one of the 3 administrators/managers of the 126 unit complex.

3 years ago one of the owners (who had also been a past admin/mgr), pulled the rug under us & got pretty much everyone to vote to transfer the management to a 3rd party company, saying that they had better management skills than the 3 present admin/mgrs… considering that the 3 of us were pretty much knowledgeable in business (I a bank mgr at the time, one a construction mgr and the other a certified accountant), we were a bit dumbfounded…

To make a long story short, many now question their decision as they are not easily reachable, condo fees have gone up – the first time in over 15 years – and several have recently been asking me if I would return; although diplomatic, I pretty much mentioned that they are lying in the bed they made & that it won’t change much for me as I’ve recently sold both condos…

We live in a building that was very well managed and maintained even if it was built in 1982 – the inspector during one condo sale mentioned that our building was in better shape than most ones built these days…

Condo owners need to get involved in the management of THEIR building; the management company most times is there to “manage” the “day to day” of the building and not “plan” so much for future expenses as they can be removed quite easily when owners want to…

One thing I disagree with you though is the potential investment in condos; I believe it was a great investment as the first condo we purchased gave us a 100% return (11 years) and the other 30% (3 1/2 years)…

have a great one!!!

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