Ask an Agent: What Are the Pros and Cons of a Self-Managed Condo Building?
In this week's installment of Ask An Agent, a reader wonders about the pros and cons of buying a unit in a self-managed condo building. Keller Williams' Jason Martin offers up some insight.
Question: I am considering purchasing a condo in a small building (less than 10 units). The building is currently self-managed. Should this concern me? What are the pros and cons to living in a self-managed building versus one that is managed professionally?
Answer: This is a very good question, but is one that has to be answered on a case by case basis. The building is likely managing itself in an attempt to save on management fees. This should not concern you if the condo board is well organized and has a proven track record. In order to find out if this is the case, you should review the condo documents and find the operating budget as well as the current reserve amount. If the numbers seem to be reasonable and the reserve account is growing, then you should be fine. On the flip side, you must understand that self management is very time consuming and if you have a board that takes the task lightly, the overall quality of the building will likely suffer. Managing a building that has fewer than 10 units can still be very burdensome unless the members of the association fully understand the task at hand.
If you would like to submit a question for Ask An Agent, send an email to firstname.lastname@example.org.
See other articles related to: ask an agent, condo buying, dclofts
This article originally published at https://dc.urbanturf.com/articles/blog/ask_an_agent_what_are_the_pros_and_cons_of_a_self-managed_condo_building/1387.
Most Popular... This Week • Last 30 Days • Ever
Clarion Partners, the owner of the Chevy Chase Pavilion, has filed modifications to i... read »
Where it's cheaper to build than buy; Elon Musk is not making Texas happy; and the wo... read »
New renderings show the public space that will be part of the huge new residential de... read »
The Townhomes at Michigan Park and Riggs Park Place are now selling their final homes... read »
Several large projects are in the works across the Potomac in Rosslyn while others ha... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
The application to raze the infamous fast food location at New York and Florida Avenu... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- Whole Foods at Walter Reed To Open This Summer
- The End is Here: Raze Permit Filed For Wendy's at Dave Thomas Circle
- How to Appeal Your DC Property Tax Assessment
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro