Significance of a Sound Building Management Association
When it comes to purchasing a Japanese condominium, it’s crucial to consider more than just the age of the building, location, floor plan, and price. One aspect that’s often overlooked is the management of the building. The management of a condominium can greatly impact the overall living experience and can’t always be determined by its price or even transparently.
That’s why it’s essential to choose a well-managed condominium, where the building management association is functioning effectively. When you buy a condominium, whether new or used, you automatically become a member of this association, which is made up of all the condominium owners and is responsible for the management of the building. By law, the establishment of such an association is required.
As a building ages, it’s natural for various parts of it to need repairs or maintenance, such as common areas, elevators, exterior walls, etc. It’s vital to understand the rules of the management association and the financial status of the repair reserve funds as well as the building’s future repair plan. Well-managed condominiums usually have sufficient funds set aside for repairs, allowing for smooth and efficient maintenance. In short, when it comes to Japanese real estate, don’t overlook the importance of building management. It can make all the difference in your condominium experience.