It is a rare day when I meet someone who doesn’t care about how much condo fees are for any given (say) Rittenhouse Square condo. Like saving money at the gas pump, or hitting a sale at Barney’s Co-Op, it is just something that concerns those looking to buy Philadelphia real estate.
Here are my top 4 solutions for cutting your condo fees:
1) Make sure ALL toilets in your association are 1.6 gallon, low flow toilets. Water usage, which is generally included in condo fees is a variable which can easily be controlled through proper usage. Go to your next condo meeting and bring this issue up. All new construction necessitates a 1.6 gallon flush toilet, so why not implement the rule for existing condos as well?
2) If you live in a mid rise condominium building here in Philly, and have a doorman, but are teetering on the edge of needing versus not needing a doorman, why not look into www.virtualdoorman.com (TM)? You could save a bundle, while not compromising the security of your building! I love this product, and excited to see a Philadelphia condo association implement such a savings.
3) Shop your master insurance policy around. Look at your deductible, your total coverage, and get quotes from 3 or 4 other carriers. You might be surprised at the potential savings. I find many condo associations are improperly insured.
4) Low rise condo associations that are under (say) 10 units-fire your management company, and manage in-house. You may find that you do not need to hire a management company to do the little things that are needed of a small association. (careful here…)
If you are looking for a new condo here in town drop me an email at Mark@CenterCity.com or give me a call at 215.521.1523.
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106