Condo Cash Cow

With the surge in condo living, it seems that the "machine" that generates business is finding inventive ways of cashing in on the high flying granite and glass fever.  Buying a condo especially getting into an older one that is bound by the same rulings as newer types, is subject to all kinds of "musts". There must be expensive inspections every year. A house owner does his or her own inspections but not so in condos. While it is necessary to protect the investment of owning a condo, the number of inspections seems to me a little ridiculous. One in particular is to assess the upcoming maintenance needs for the next five to ten or more years and this is recommended to take place annually. Seems to me it should last for a few years, not one, just as a home inspection would. Fortunately, a condo council may opt  to put this off for a time, but the recommendation is  usually done annually. Then there is the window washing,  painting, updating the exterior,  the gardening, the boiler/electrical inspections. There is weekly or more hall and parking space cleanings, vermin control and so on and on.  The list grows.  There is nothing wrong with keeping a building properly maintained but the costs of doing so appear to rise exponentially and  in the smaller low-rise buildings it is beginning to put some owners out of their homes. The individual's costs  in a high rise are a fraction of what must be doled out individually by the owners of units in smaller buildings. It is no wonder that people buy into  high rises in spite of losing the generous space found in the older, more comfortable settings. Those with companies doing many of the maintenance contracts are often very lightly trained but charge enormous amounts. I have seen window washers for example of youngsters flailing garden hoses about idly on flimsly ladders. Then there are some so-called gardeners who cut grass, wander about wagging blowers and weed whackers loudly and charging it as gardening.  I learned recently of a light coloured building that rather than be painted the owners have it washed down. Tons of water needed to be used.The soaked  finish looked no cleaner than it was before and it still had to be painted the next year. Questionable decision but somebody made a lot of money out of it. Roofing is another large expense. Keeping the roof from leaking in our rainy climate is vital not to mention the cost of discouraging gulls and geese from landing on it. Thinking of condo ownership must be regarded as a reality. The fact is that you and everyone living in the building, owns that building and is responsible for its costs. It is your building. It belongs to you just as a house. Building ownership management is fraught with legalities and costs that make it essentially the work of professionals. This comes at enormous cost even though it is far safer and less stressful than self-management by the owners. Management costs are very high because they work off site while having to do all that is needed in the buildings they manage. Councils comprised of a team of owners recommend and request and the professionals are supposed to do the work of it. If there is a problem that needs attention, the company is called and time is recorded and all other hired work is charged to you the owners.  Building rules and bylaws to do with condos and strata ownership are stringent and can be a confusing issue. What the realtor hands to new condo owners is serious business and should be thoroughly examined before signing on the dotted line. With buying into an old building, there may be  levies to pay for upgrading and repair that are not seen in the newer ones. Something to consider. Still, new buildings can come up with large levies also. Some owners have richer tastes than others and want "improvements". The laws concerning strata ownership need studious scrutiny by buyers and since it is becoming the standard mode of home ownership closer attention to actual costs is essential.