Condominum buildings are usually managed by associations. Each unit owner is also a member of the association, and the members regularly elect board membres. The association lives to enforce the bylaws of the building organization, and handles maintenance, repair and other such homeowner isssues. The organization also deals with disputes among owners, and with developers.

This can be a great idea–to band together for a more organized living. After all, condo unit owners live on the same space and structure.

However, because condo associations are not usually made up of property-management professionals, the organization has the tendency to be weak and inefficient when it comes to management matters. And in many cases, condo unit owners have to seek approval of the condominum’s association before doing any renovations on one’s own unit. Or if, in case, you want to lease out or rent out your unit, you might have to seek the approval of the association or board, too.

So unlike owning a house and lot of your own, you would have to please the neighbors, too!