12-04-2009, 04:11 PM
Before I had kids, I bought a few condos as investments. I bought them strictly to rent out and if they appreciated, I'd move in for 2 years and sell them tax free.
Condo living isn't for everyone and tolerating other's different lifestyles was challenging for me but poorly run boards are the main reason I avoid condos as investments.
I've been a board member in small (5-unit) and large (100+) unit buildings. They've all been dysfunctional. Decisions are too emotional and it is too easy for a single homeowner to wreak havoc not because it is their right, but because the board members don't have the balls or inclination to put said person, who they share a living space with, in their place. I don't blame them; most people don't like confrontation especially if they aren't compensated for it.
Anyway, I'd just learn to live with it as long as it's not going to materially affect your safety or your finances. If you foresee violence or a legitimate lawsuit, I'd try to get out as quickly and quietly as possible now. Once something happens that materially affects the value of your condo, you are legally required to disclose it (good luck selling it then). Right now, it's just your opinion that things suck there so you are not legally obligated to disclose anything.
Condo living isn't for everyone and tolerating other's different lifestyles was challenging for me but poorly run boards are the main reason I avoid condos as investments.
I've been a board member in small (5-unit) and large (100+) unit buildings. They've all been dysfunctional. Decisions are too emotional and it is too easy for a single homeowner to wreak havoc not because it is their right, but because the board members don't have the balls or inclination to put said person, who they share a living space with, in their place. I don't blame them; most people don't like confrontation especially if they aren't compensated for it.
Anyway, I'd just learn to live with it as long as it's not going to materially affect your safety or your finances. If you foresee violence or a legitimate lawsuit, I'd try to get out as quickly and quietly as possible now. Once something happens that materially affects the value of your condo, you are legally required to disclose it (good luck selling it then). Right now, it's just your opinion that things suck there so you are not legally obligated to disclose anything.