What is the difference between self-managed and professionally managed condos in Calgary
Blog by Robin Lear | March 11th, 2014
Navigating the waters of purchasing a condo in Calgary can be difficult for the un-initiated if you are a condo buyer in Calgary. Sometimes you will see a sign in an apartment building that says "This building is professionally managed by ABC Condo Company". This is very useful especially in apartment style buildings that require a great amount of maintenance with respect to elevators, parking lots, water management, exterior envelopes etc... The other component involved in this is of course a management fee for the company, in addition to reserve fund contributions and such. SELF-MANAGED buildings, or complexes, are often an option in smaller townhouse developments of 20 or 30 units, where the overall expenses required are much lower without elevators to service and 12 floors of windows etc, SELF-MANAGED condo units will be a good option to keep fees lower, and control the overall expenses of a complex looking to be fiscally more in control of their own destiny. The difference for condo buyers is that you usually won't see the same $250,000 reserve fund in a townhouse condo that you might see in a 12 story building. Essentially you have FAR LESS expenses, and thus a smaller organization of people who are controlling their destiny...not a bad thing. For more insight into your own situation please don't hesitate to call or email.