“Use the same measure for selling that you use for
purchasing.”
—Abu Bakr
1. |
A few months after moving in, after talking to some of your other neighbours, you get a strong feeling that you made a big mistake. |
2. |
You have
obnoxious neighbours and the board is unwilling to deal with them. |
3. |
The building structure and machinery is deteriorating. (Read the Reserve Fund Study, it can tell you when this is happening.) |
4. |
Maintenance is sliding. Windows are not getting washed, burnt out lights are not replaced and the carpets are dirty. The lobby furniture is looking ratty or there is none. |
5. |
Amenities are closed for maintenance and are not re-opened. |
6. |
Lower-income people are moving into your building. |
7. |
There is a lot of political infighting in the corporation and there is constant petitioning to remove or replace the directors. |
8. |
There is constant turnover in property management companies, superintendents and contractors. |
9. |
The reserve funds
are underfunded and the operating budget is running a deficit. |
10. |
The monthly condo fees have not been raised for the last several years. |
11. |
You are quarreling with the manager and the board. |
12. |
In a rising market, your property values have stopped rising and are starting to drop. The units in your building are staring to sell for less than the neighbourhood average for equal-sized units. |
13. |
The number of renters is
increasing because owners want out and are having trouble selling their
units. |
14. |
Rules are not
enforced. The balconies are used as storage rooms and there are
abandoned cars in the parking garage. |
15. |
The board will not allow owners to inspect the corporation’s documents. |
16. |
There are no or few Annual General Meetings with audited financial statements. |
17. |
Roaches are a big
problem and owners will not let the contractor in to spray their units. |
18. |
There are tensions between
different ethnic groups. |
19. |
Your not happy living there anymore. |