Do Condo Boards Have Conflicts of Interest?

Chris at Hauseit® (https://www.hauseit.com) goes over whether condo boards have conflicts of interest. Do condo boards of directors have interests that may benefit them personally, but may not be in the best interests of the building?

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One of the difficulties of owning a condo or co-op apartment is the fact that you have neighbors, some of them who may be on the board, who may act in their own self-interest that isn't aligned with that of the building as a whole.

The most common example of this is socializing costs onto the entire building for amenities that the board members like, but a majority of the building may not necessarily wish to pay for. However, the condo board may proceed anyway and push for an expensive amenity anyway because they'd be using it, and can defray the costs on everyone else.

We'll talk about many examples like this and more, and explain the various situations where conflicts of interests might arise on a condo board, and how you as a condo unit owner can best survive in such an environment. Hint, always try to align your preferences with that of the condo board members!
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Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: [email protected]
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