How to save money with condominiums

Choose an honest and competent administrator. Use email for communication. Provide external security and cleanliness. And above all, don't argue.

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SAVINGS IN SHARED CONDOMINIUMS

How to save money with condominium fees : this isn't a trivial issue, as these expenses are among the costs of families most affected by rising inflation . There are a number of helpful tips, from choosing an honest and efficient property manager to avoiding arguments with neighbors, which can be crucial to achieving significant savings with condominium fees.

HOW TO SAVE MONEY WITH A CONDOMINIUM

Condominium fees are rising by over 40% due to the effects of the energy crisis, as reported by associations representing condominium administrators. Furthermore, in recent years, the percentage of those who fail to pay these fees regularly has increased by 20%, compared to the normal level of 10%. The more than 45 million Italians who live in condominiums can, however, adopt various strategies to save on expenses.

READ ALSO: Condominium fights: let's learn how to avoid them. Here's why peace with neighbors is better.

CHOOSE A GOOD ADMINISTRATOR

The first step to saving on condominium fees is choosing an honest and efficient property manager. It's not easy. Unfortunately, mini-scandals involving property managers who steal funds are very common. Try to choose based on a good resume , get the right references as you would with any other employee in your home, spread the word in neighboring buildings, and maybe, thanks to word of mouth, you'll find the right person.

PARTICIPATE IN THE ASSEMBLIES

Active participation in condominium meetings is essential for having an impact on the condominium's financial decisions . These meetings provide the opportunity to voice your opinion. Furthermore, a condominium meeting offers the opportunity to submit suggestions for reducing expenses, such as negotiating advantageous contracts with suppliers or identifying cost-effective alternatives for some common expenses. Condominium meetings are often agonizing due to the level of conflict, which is considered a reflection of our country. But in any case, the challenge is worth the effort.

SAVING ORDINARY EXPENSES

From stair maintenance to routine maintenance costs, including postal costs, there are several expenses that can be significantly reduced:

  • In the case of cleaning activities and conciergeIt's a good idea to select companies that offer a quality service at a reasonable cost. Alternatively, you could consider organizing a shared cleaning service with the condominium members or their respective housekeepers, who rotate according to a pre-established schedule. A 24-hour concierge has become a luxury: better to forget it and make agreements between buildings, for example, for the delivery of registered mail and Amazon-type packages.
  • As for maintenance costs, It is advisable to invest a modest amount each year to keep the building in good conditionThis approach allows you to avoid the building from completely deteriorating, which would lead to exceptional expenses for extraordinary maintenance interventions, which are considerably expensive. Consider the condominium like your home: you would leave it abandoned among stains of humidity and walls without paint?
  • Postal communications can be sent via email, including through a condominium certified email (PEC), which the condominium owner is not required to open. Only the condominium administrator, who is required by law to have one because, for example, he or she is registered with a professional association, is required to open a certified email (PEC).

CHECK THE ACCOUNTS

Condominium owners should always review the condominium's financial statements and financial situation to identify any unnecessary costs or areas where spending can be cut . They should understand how expenses are distributed and identify any increases that may appear inconsistent. If unjustified expense items are identified, they can request a detailed review and communicate their concerns to the condominium administrator.

PAY CONDOMINIUM FEES REGULARLY

When a condominium owner is late in paying condominium fees, the administrator takes a series of actions to recover the outstanding amounts. Initially, an informal reminder is sent via registered mail, requesting payment within 15 days. If the situation persists, a warning letter may be sent indicating the intention to pursue legal action to recover the debt, such as requesting a court order.

If the problem is not resolved, the condominium regulations may establish sanctions to be applied. These punitive measures can range from the temporary suspension of services (provided they do not prejudice other condominium owners) to the charging of additional legal interest or penalties. The decision to impose such sanctions must receive unanimous approval at a condominium meeting. In any case, a condominium owner who fails to pay their dues regularly loses credibility and authority : their requests are very unlikely to be accepted. Therefore, it is always advisable to pay your dues regularly.

LEARN MORE: Eco-condominiums: saving money by sharing services

ENERGY EFFICIENCY

The main focus for savings, as always, is on energy costs:

  • First of all, think about the heating system, evaluating the possibility of replacing the old boiler with a new, more efficient model, perhaps a condensing one. Replacing obsolete and polluting boilers requires the approval of a simple majority of condominium members (500 thousandths), in accordance with the new text of Article 1120 of the Civil Code, which favors all innovations aimed at energy saving.
  • Another cost-saving option is to opt for an independent heating system rather than a centralized one. This change can reduce costs by around 30-40%, but it's equally important to consider a complete energy renovation of the building.
  • Further energy savings can be achieved through proper cleaning and radiator maintenanceThermal insulation through the use of insulating doors and windows is also desirable, as it can reduce heat loss by at least 20% per year, resulting in significant energy savings.
  • As far as electricity is concerned, consider the use of time switches, so as to prevent the lights in common areas such as the entrance hall, stairwells and cellar from remaining on unnecessarily. This way, energy waste is reduced. and you save money.

COMMUNAL SERVICES

If a condominium has valuable equipment, such as lawnmowers or washing machines , sharing them is the smartest way to reduce condominium fees. This way, costs are shared among the condominium members, thus easing the financial burden on each. This type of cooperation can foster a sense of community within the condominium and contribute to more equitable and efficient financial management. It starts with a washing machine, but can eventually lead to sharing caregivers , housekeepers, and babysitters.

TRUSTED COLLABORATORS

The desire to save on condominium fees also includes the ability to negotiate contracts and seek competitive rates. It is possible to request quotes from various companies for services such as elevator maintenance , cleaning of common areas such as stairwells, assistance in the event of water or electrical outages, and other essential services. By comparing quotes and negotiating advantageous agreements, the condominium can benefit from more affordable rates, thus easing the financial burden for all condominium members.

CONCIERGE SERVICE

Another service where savings can be made is concierge management. If the property allows it, it might be worth considering eliminating the concierge and instead employing security guards. At the same time, renegotiating the concierge's contract, switching from full-time to part-time, could be considered. To maximize savings, sharing concierge responsibilities among condominium members could also be considered, thus reducing overall expenses.

DON'T FIGHT WITH YOUR NEIGHBORS

Avoiding arguments with neighbors is the best way to save on condominium fees and avoid wasting a lot of money. For at least two good reasons. Only a harmonious climate among condominium members, free of bickering and mutually exclusive vetoes, can allow for the right decisions to be made , starting with those needed to reduce costs. Second, any condominium dispute comes at a cost (including health costs) in legal terms. And it's all wasted money.

IDEAS FOR SAVING YOUR FAMILY BUDGET

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