Thursday, February 12, 2009

Community Setup - What to Expect

When your apartment or villa (if its in a community) is completed, the developer will appoint an administrator to manage the overall upkeep and day to day chores associated with the smooth running of your complex.

Gardening, general maintenance, swimming pool, cleaning communal areas etc all have to be given to the relevant sub-contractors and , of course paid for. Then ,in the first community Annual General Meeting (AGM) , the owners get to vote as to whether this administrator stays or a new one is appointed.

This task seems simple and straightforward, however this is something not to be taken lightly as it can impact you financially and will have a direct effect on how well presented your apartment complex looks.

As you are often away from your property, participation in AGM´s can often be difficult, it is however very important to voice your opinion and make you vote count. (you can vote by proxy)

When assessing whether to keep your default administrator scrutinize the accounts closely.

here are some questions you should be asking yourself ,

  • How competitively priced is each individual contractor?
  • Could some of these contractors be affiliated with the developer?
  • Is all the money clearly accounted for and transparent?
  • Within the period this administrator has presided, have the services delivered been of a high standard.

This is commonsense stuff but believe me, a shodily run development can effect resale potential , excessive communal cost is also a factor when it comes to sell.

I will be covering more on this subject over the next few weeks.

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