When talking about people we often say it’s what is on the inside that counts, well the same can be said for condominiums. What you can’t see is often more important than what you can.
Many associations came about when developers converted apartment buildings into condos. Others in south Florida are just getting old and while it might not always be obvious on the outside a look inside the walls, under the slab or in the elevator equipment room will give you a better picture of the problems that lurk beneath the surface. All of these things have useful life’s and tend to wear out over time.
If the association has not made plans for replacing and updating these things as they wear out, by putting away the reserves necessary to replace them the question is not will there be an ugly surprise it is when will there be an ugly surprise. Developers and ever boards are good at investing in the things we can see and they help drive value like fancy wallpaper, marble floors, landscaping and quality amenities but often overlook things like old plumbing, outdated electrical services panels, and mechanical equipment.
If the association does not have the funds to give these items attention when needed, the result is special assessments or worse yet failures and disruptions in the lives of residents.
by Steven Weil / www.facebook.com/RMSCondo
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