A guide to a boring condo experience...

Embracing the Beauty of a Well-Managed Condo:  Why "Boring" is Best

A Peaceful Community: The Goal of Good Condo Management

Excitement is often the goal in life—whether through travel, meeting new people, or trying new experiences. However, when it comes to condominium living, the opposite should be true. A well-managed condo should be predictable, peaceful, and—yes—boring.

While condo boards and managers should engage in lively discussions, consult professionals, and make thoughtful decisions about the community's future, owners should enjoy a tranquil, stable environment. Ideally, they experience a peaceful home life, see their investment grow, and rest easy knowing their building is in strong physical, legal, and financial health.

Is there a guide how to achieve that? We believe there is. 

Steps for the Board of Directors

Financial Stability: Boring but Essential

Boards and managers must prioritize financial prudence by adhering to regulations and industry best practices. This includes:

• Reserve Fund Studies: Conduct them on time and consult with engineers and other professionals to ensure accuracy.

• Careful Budgeting: Anticipate all regulatory requirements and future needs to prevent shortfalls.

• Transparency in Tough Decisions: If special assessments, loans, or budget revisions are necessary, boards should communicate openly with owners, providing clear explanations and timelines.

Avoiding Risky Investments

Boards must follow legally approved investment options for reserve funds. Tales of board members advocating for risky ventures like cryptocurrency serve as cautionary examples of how uninformed decisions can jeopardize a community’s financial stability.

Predictability: A Key Ingredient for a Well-Run Condo

Predictability fosters trust and confidence among owners. A well-managed condo stays ahead of maintenance and regulatory requirements, helping owners avoid unexpected repairs and legal issues.

How to Achieve Predictability:

• Advance Planning: Secure contracts for essential services such as window cleaning, dryer vent cleaning, and HVAC maintenance well in advance.

• Owner Communication: Inform owners early about upcoming maintenance, providing options to mitigate disruptions. For example, during garage cleaning, offer alternative parking solutions; during elevator maintenance, schedule it sequentially to ensure at least one elevator remains operational.

• Clear, Regular Updates: Keep communications simple and free of technical jargon, ensuring all owners, regardless of background, can easily understand updates.

Owners’ Role: Active Participation for a “Boring” Life

A peaceful, well-managed condo isn’t achieved passively—owners play a crucial role by staying informed and engaged.

Steps for Owners:

• Read Condo Documents Before Purchase: Review the corporation’s declaration, bylaws, rules, budget, and reserve fund study. Consult professionals such as realtors and lawyers to fully understand these documents.

Key Questions to Ask:

1. What type of condo corporation is it? (Common Element or Standard?)

2. What’s included in the common element fees?

3. Are there any special assessments, major projects, or legal claims noted in the status certificate?

4. Does the reserve fund balance align with the engineer’s projections?

5. Are large projects planned soon, and does the corporation have sufficient funds?

6. Is the board following the reserve fund study’s recommendations? If not, why?

7. Is the corporation compliant with Canadian accounting standards and the Condominium Act?

8. Audit Review: Ensure the corporation’s finances are in order and compliant with legal standards.

9. Evaluate Management: A knowledgeable and reputable management company is essential. Check whether the manager has industry expertise and access to support structures that streamline operations and prevent issues from escalating.

Conclusion: Embrace the Boring

In condo living, boring is beautiful. A well-managed, financially sound, and predictable community provides peace of mind for owners and helps maintain property values. By staying informed and engaged, owners and boards can ensure their condo remains a “boring” success story—exactly as it should be.