Condo corner – good records reduce risk
Most people who own their own property appreciate the importance of keeping records of operational costs and home improvements. They know their records will be advantageous when the time comes for resale, as they will be able to verify past energy and utility costs, and provide proof of renovation details and related expenses to a prospective buyer.
For condo owners, keeping thorough records may be even more critical. Legal matters could arise which call into question specific costs or services that involve shared facilities or sometimes even individual units. Records of expenses are particularly valuable when changes are made to the building infrastructure, or if newer board members seek information about past practices or precedents that may contradict normal or accepted behaviour.
Committees can come and go, and condo rules can change over time, so it is in a unit-holder’s best interest to have a handy account of collective procedures and individual expenditures. This information could prove to be invaluable if your building or unit is about to change ownership.