If you are a condo owner, then, first of all, many congratulations! If this is your first owned property, then you need to know that there is a difference between renting a house and owning a house. You have different kinds of responsibilities when you own a condo.
The following are six secrets to becoming a smart condo owner:
1. Condo Insurance
It’s a good idea to get a comprehensive condo insurance policy for your real estate to protect it from all kinds of risks. Some of the things that condo insurance generally covers include:
- Dwelling: Property damage.
- Personal property: Your personal belongings, such as furniture, home appliances, gadgets, antique items, etc., are also covered.
- Medical expenses: If someone gets hurt while they are in your condo, then the insurance plan may also cover their medical expenses.
2. Designated Parking
Parking for condo owners is often at a premium. If you have a dedicated parking space, it would have been intimated to you at the time of the purchase. If you aren’t sure, you can contact your real estate agent or check the documents directly.
If no parking has been assigned to your condo, then you can contact your property manager and seek suggestions. You may also look around your condo for a free parking spot. It’s a good idea to find additional parking space in case you have guests over, and they need space to park their vehicles.
Note: Additional parking can also be purchased separately if it comes to that.
As you will share your condo’s walls and common areas with others in your building, it’s a good idea to get to know your neighbors. Besides, there is a sense of community in those who live in condos.
Having a good relationship with your condo neighbors can be helpful in situations involving building repairs, daily upkeep, home safety, etc. So, do extend a friendly hand if you can. On the other hand, in case your neighbor is a troublemaker himself or herself and there is a dispute between you two, then the best thing to do is contact the condo manager or security. It’s not recommended that you get directly involved.
When you are looking to enhance your condo, then sometimes, mere furniture rearrangement or wall repainting isn’t enough. To give your space the “oomph” you seek, you may need to do some serious renovations. If and when that happens, be sure to check the rules and laws for your building regarding the same. If you aren’t aware of these, then you can reach out to your property manager for clarification.
5. Perks and Facilities
Are you aware of all the costs associated with owning a condo? For instance, you may need to pay monthly fees for all the common areas of the building which can include a swimming pool, gym, etc. If you are paying for all these facilities, why not use them as well? You should make the most of all the services your complex provides.
6. Cost Saving
We are going through a tough phase of inflation- it’s all out there. So, what can you do to save money smartly as a condo owner? You can try the following:
- Save on electricity bills: Try to do as much as you can to keep the condo energy costs down, especially electricity. Some easy ways to save on electricity bills include using ceiling fans from time to time instead of depending on the air conditioner completely, using power strips, etc.
- DIY: You will be surprised by the kind of money you can save just by learning some basic handyman work. You don’t need to call a plumber or electrician every time a faucet begins to leak, or a switch needs to be replaced. By acquiring a few standard household tools such as pliers, screwdrivers, wrenches, etc., and getting help from online tutorials or a skilled neighbor, you can save lots of money with DIY.
- Do cleaning regularly: A good home is always clean and nicely decorated. However, by cleaning, we mean cleaning home appliances and other specific areas such as AC vents, drains, etc. By cleaning air conditions on a regular basis, for instance, you can reduce the chances of them getting damaged. Plus, you will extend their life. Similarly, by keeping the drains in the bathroom and other areas clean, you can prevent unwanted clogging. You will have to spend money less frequently if everything is in order and works fine.
Being a smart condo owner involves doing several things right and understanding your responsibilities. We have shared a wide range of tips and ideas to take care of your property and save money as well. Do share your inputs and thoughts on the same, and also share this post with your loved ones on social media so that they can benefit too!