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- 278 Manitoba Street, Toronto, ON. M8Y 4G9
- (416) 255-7300
- (416) 255-7722
Moving away from renting to ownership can be a huge leap if you’re not prepared all the new elements in ownership can be overwhelming and hard to get a hold of; maintenance, documents to keep track of, expenses, condo fees, security, building features like a pool or a gym, parking, utilities, etc. Buying a condo is a huge investment and already has a lot of calculation and thought put in before the initial purchase but afterwards, there are new challenges to deal with too. Mareka Properties is an experienced condo property management company in Etobicoke dedicated to giving you a personal management service.
Paperwork can be the biggest hurdle to get over, its important to keep track of everything from condition reports, repairs, work orders because clear communication with the property owner is very important and you never know might happen down the line. If a repair was poorly done and only discovered months later, it’s very important to have these documents so you can take action if necessary.
Financials is another hurdle to get a grasp of, there are many monthly expenses on top of your regular payments including to the condominium board in condo fees, reserve fund covering repairs and upgrades to the building, any amenities your building has, your own personal maintenance and upgrades, and more. Things like the age of the building or the size of the condo will change these charges as well. Keeping all of this in order, especially if you have the extra worry about your tenant, can be a major headache.
If you are renting out your own condo that can come with its own list of troubles to add on. It’s possible to have a fantastic meeting with a potential tenant and then they turn out a disaster. Whether they do not pay on time, cause damage to the space or the building itself, or break rules such as no smoking or no pets sadly their actions are your responsibility as well. Nobody wants to deal with a troublesome tenant and each issue poses its own difficult way to approach them.
If you work with a condo management company they can take a serious weight off of your shoulders, helping to handle the financials and administration as well as maintenance and even conflict resolutions just in case you have a problem tenant or miscommunication with the condo building owner. If you are a first time owner of a condo having someone to back you up and help you out with years of experience can be invaluable, saving you time, stress, money, and unnecessary effort.
With their years of experience, they know how to approach different issues and you can take advantage of their years of developed connections as well, giving you contact with great repairmen, plumbers, technicians, electricians, and whoever else you might need to help take care of any regular maintenance or issues that arise. Giving you guaranteed great service and pricing without the extra worry.
Don’t wait to reach out and start discussing your condo and current position, the earlier the better and the less worries down the line.