The Cost to Manage a Condo Corporation – A Quality Condo Revenue and Expense Statement

The article emphasizes the importance of properly managing the finances of a condo corporation, especially for buildings that are over 35 years old and require large expenditures for maintenance and replacements. The article provides insights into the major costs and maintenance requirements of a typical condo building, including common expenses and those that vary based on building size or population. The article also emphasizes the need for an adequate reserve fund and the importance of allocating a proper amount to the fund each year. The article provides tips on cost reduction efforts for utilities, contracts, security/concierge, and mechanical repairs and maintenance, as well as the impact of insurance claims and deductibles on insurance costs.