An article published at CM Condominium Manager Magazine, Winter 2012 Edition, makes reference to the reduction by 10% of the budget for 2011-2012 on two corporations, 1 and 33 Elm Drive West – Mississauga, after the Property Management and both Board of Directors reviewing carefully energy efficiency, convertion of the indoor swimming pool from chloride to salt, discharge the mortgages for the guest suites and superintendent suite, application to MPAC to reduce the property taxes assessed for the superintendent and guest suites, all of them producing a significant savings in their budget that resulted in a reduction of the cost of maintenance fees without compromising the level of services.
The article highlight the key question, how often does an owner receive a budget that REDUCES the maintenance fee without compromising service?…you probably have the right answer, NOT OFTEN!!
The lower the cost of the maintenance fees the more attractive is a unit for prospective buyers and investors, which tends to increase the market value for the unit.
This is a good example to follow and to implement in many other buildings.
If you have a successful story to share please write to:
Juan Santos, Broker of Record, City Centre Real Estate Ltd., Brokerage, [email protected]