Condominium Development Considerations
In many areas, condominiums make up a significant portion of the housing market. Whether it’s a highrise building, garden apartments or any other type of community, condominium development provides an excellent investment opportunity. However, there are several that you need to keep in mind prior to deciding to invest.
If you’re thinking about trying to make money in the real estate market, here are a few things to keep in mind before investing in condominium development.
A condominium is a unique type of real estate that consists of individual units, as well as common elements and areas. The individual units are subject to exclusive ownership, while common areas are shared by all unit owners within the community.
Typically, a condominium association is responsible for the operation of the condominium. Responsibilities include, but are not limited to, repair and maintenance of the property and facilities, the collection of dues and fines and rule enforcement. A condominium association is managed by a board of directors, which is initially chosen by the developer. However, unit owners generally elect board members in the future.
As a condominium developer, you need to make yourself well aware of the laws governing condominiums in Colorado as well as the costs you will incur as the owner of investment real estate. You’ll be responsible for the cost of real estate taxes, repairs, insurance, advertising costs, legal fees, etc. Though condominium ownership is an excellent investment, there are considerable costs involved.
Condominium Management in Colorado
Many developers quickly realize that managing a condominium is a lot of work, and boards often struggle to keep up. Investing in professional condominium management in Colorado is an excellent way to alleviate the stress while ensuring that all the day-to-day operations of your property are taken care of.
At AMI, our professional property managers are highly trained and well-versed in the often complex world of condominium law and management. To learn more about the benefits of professional condominium management in Colorado, contact AMI today.