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Avoid The Band-Aid Solution

Toronto Condo News
Publication date:
November 22, 2022
Article Summary: 

In the article, the author delves into the issue of special assessments in condominium communities, focusing on the common practice of deferring major repairs or opting for temporary, band-aid solutions to maintain low condo fees. This approach, while seemingly economical in the short term, poses significant long-term risks. The author emphasizes that postponing large-scale projects can lead to deteriorating building conditions and escalating repair costs. The tragic collapse of Champlain Towers in Florida serves as a stark example of the dire consequences that can result from neglecting essential maintenance and repairs. This disaster underscores the critical need for proactive planning and adequate funding in condominium management.

Communities often face the temptation to delay necessary projects to avoid increasing condo fees, but this can backfire disastrously. Instead of putting off essential repairs, the author advocates for prioritizing the planning and funding of major projects. This proactive approach can help avoid the sudden imposition of special assessments, which can be financially burdensome for residents. Special assessments, while sometimes necessary, are a sign that regular maintenance funding has been insufficient.

Properly managed reserve funds and a long-term maintenance plan are crucial for the health and safety of condominium communities. By ensuring that adequate funds are available for major repairs and replacements, communities can prevent the need for emergency measures and safeguard the well-being of their residents. The author calls for a shift in mindset, urging condominium boards and residents to view maintenance as an ongoing priority rather than a deferred expense. This strategic planning not only preserves property values but also protects the lives of those who call these communities home.


condominium communities, special assessments, major repairs, band-aid solutions, condo fees, infrastructure, financial status, planning, reserve fund, Champlain Towers.

Source Citation: 
Toronto Condo News
Avoid The Band-Aid Solution
November 22, 2022
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