Maintaining high property values benefits every member of your condo association. Moreover, it also helps attract new buyers who are going to appreciate the efforts your association takes to keep the condo community looking good and functioning well.
We recently discussed some of the best ways to improve property values in your Chicago condo building. In this post, we’ll share some of the things that can drag down your values in a hurry (and what you can do about them).
Factors that Hurt Condo Property Values
● Deferred maintenance – Condo buildings require ongoing maintenance. There’s just no getting around it. Unfortunately, a little delay here and some neglect there can all add up to major problems for your association. Tiny leaks or small cracks might not seem like a big deal, but putting off maintenance projects can lead to much more expensive repairs down the road – and sometimes those repairs might lead to special assessments. No condo property owner wants to get stuck with expenses that could have been prevented. Not to mention, neglected maintenance can significantly hurt your condo building’s property value. Stay on top of maintenance and be sure to have enough money in your reserves for capital improvement projects.
● Dated decor – Structurally, you need your condo building to be fully functional, but it also needs to look good. If your condo’s aesthetics, furniture, and appliances are stuck decades in the past, it can hurt your property values. Take a look at your common areas and consider easy ways to upgrade the look and feel of your shared spaces.
● Your location – You can’t up and move your condo building, so location is an external factor more or less out of your control, but you should do what you can to tout its benefits and take steps to minimize any distractions. For example, keep your landscaping looking nice or consider installing fences to add privacy. Keeping a tidy and functional interior and exterior will help prevent property value slide.
Condo building property values are influenced by internal and external factors. While external variables remain largely out of your control, your association can still take steps to keep its building well-maintained and looking sharp. All of these actions will help prevent property value decreases and help attract new owners to your Chicago condo association.
For help keeping up with the endless property management responsibilities of a condo association, consider partnering with an association management company like ours at First Community Management. We’ve been exclusively managing Chicago cooperatives, condominiums and homeowner associations since 1998 and are here to help you. Contact us today to learn more.