I am a New Yorker through and through and have been living in apartments or condos all my life, and I don’t see myself living in a home anything soon. Not because I can’t afford it, but because I love the vibe of staying in an apartment, and it’s nothing like living in a home. So, without further ado, let’s dive into this blog and learn some of the reasons why you might want to stay in an apartment.
1. Controlling the costs of everyday expenses
When an individual becomes a homeowner in a building, their first contact with the condominium is through the provisions on charges. These sums are to be paid each quarter to participate in the good functioning of the “community”.
According to the Home Owner Association (HOA), their annual average amount per square meter approaches 50$, according to the Home Owner Association (HOA). For a 60 m² apartment, this represents the equivalent of 3,000$, an amount that is far from insignificant and that directly affects purchasing power! The general charges concern the administration, the conservation and maintenance of the common parts, and the particular charges relating to collective services and common equipment.
Investing in the life of the building allows both to understand the destination of these amounts better and be able to better participate in the decisions voted in the general assembly of the co-owners to avoid the drifts. By directing the co-ownership towards an online HOA, you can even draw the amount of the charges down by collaborating with a referent to decrease the cost of the fees!
2. To influence the choices of the general assembly of the co-owners
This second point is an extension of the first: the minimum investment in the life of the building for any co-owner is participation in the annual general meeting. This is the meeting during which the co-owners are invited to approve the accounts for the past year and the provisional budget, as also any improvement or renovation work on the building.
As in any form of democracy, to abstain is to let others choose. Whereas investing in the life of the building, by consulting, in particular, the agenda attached to the conference, and by participating in the general assembly to vote on the resolutions, you can act concretely on the orientations taken as regards the choice of providers among various estimates.
Better still: by joining the trade union council, you can collaborate with the condominium manager and thus carry out stricter control on the accounts or the estimates submitted to the vote. You have access to the documents related to the management and administration of the building, you fulfill an advisory mission with the HOA for all the questions and, in particular, the competition of the markets and contracts from a certain amount, and you play a role of assistance on the choice of the companies or the realization of the work.
3. Contribute to the improvement of your living environment
A co-owner has a free hand to let his imagination run wild when it comes to fitting out his home. Except perhaps for the choice of shutters or floor coverings that may be subject to restrictions in a classified sector or co-ownership regulations, you can change the paint on your walls or knockdown partitions as you wish.
But as soon as it concerns the facade, the roof, or the common parts in general, you must go through the general assembly of the co-owners to make any modification. How do you do this? By proposing a draft resolution before the annual general meeting.
Do you think that the façade deserves a refreshment? Do you dream of a rooftop, a shared garden, or even a collective swimming pool? Submit your idea to the vote of the co-owners! It must be sent to the HOA of the co-ownership, insufficient time to allow it to be included in the plan- that is to say, at least one month before the date of the AGM.
4. Create links with your neighbors
Life in collective housing is generally made up of very few neighbors. You have to cohabit with your neighbors, who may be occupants of your residence or those around. There is Neighbors’ Day, held once a year in the spring, on the last Friday of May or the first of June, depending on the year. But you can also create links throughout the year to make a living with your neighbors more pleasant.
The key: small services between neighbors (child or pet sitting, help with homework, errands, DIY) in a sort of win-win contract. Getting involved in your building by meeting your neighbors is also a way to defuse neighborhood conflicts over noise and odor pollution! The development of common areas can also help create a place of exchange, such as a vegetable garden.
5. Participate in the development of your real estate assets
Owning an apartment is a form of investment, whether your secondary or main residence or rental investment. Investing in the life of the building to ensure a pleasant place to live also helps preserve the attractiveness of your home for resale or rental. An attractive facade and clean common areas are assets that can limit the risk of vacancy and optimize the amount of rent.
These same arguments can avoid making the building a blocking point for a purchase offer or a lever for negotiating the price downwards. Even when you are not a permanent occupant of the property, it is in your interest to participate in the general assemblies of the co-ownership and keep an eye on the projects that concern the property’s environment.
Sound off in the comments section below and tell us what you want to read next.