Acquiring an occupied freehold property (condominium) as private investment will make you a landlord for all practical purposes. Naturally, this involves duties that require a certain time effort and specific know-how. You need to ensure that your apartment is in good repair, remedy emerging defects, and compile an annual running cost settlement for your tenant(s). If your tenant moves out, you need to do the handover, find a new tenant, and negotiate and draft another lease contract. Some or all of these chores you can delegate to an external service provider who will take over the so-called freehold management, and handle the administrative end of your freehold ownership. This manager will represent you vis-à-vis your tenant and serve as the tenant’s contact, take care of necessary correspondence, and do your books. Additional services a freehold manager may offer include, without being limited to, compiling the running cost settlement, the scheduling repairs in the apartments, and re-letting the apartment whenever the incumbent tenant moves out. The freehold management must not be confused with the management of the commonhold property by the home owner association. The latter is the shared responsibility of all owners in the building, whereas the management of your freehold property or condominium is solely your responsibility as its owner.
Whether Prior to an Acquisition...
Even ahead of an acquisition, the Accentro Real Estate Encyclopaedia offers interesting facts and decision guidance: We will coach you through the first steps on your path to homeownership. For instance, it provides information on the process flow of a condominium purchase. It will also tell you what sort of documents you need in order to buy property, and where to obtain them.
... or after – Our Real Estate Encyclopaedia Provides the Answers You Need
Once you have bought a property, you may wonder who is going to manage your condo and how. After all, caretaking your property is one of your main obligations as a condominium owner. In addition to numerous tips and suggestions, you will find answers here to many questions involving the property management subject, such as: What does “individual freehold ownership” mean? What exactly do “condominium regulations” govern? And what does the term “condominium fee” imply? In addition, we elaborate subtle differences between terms such as “real estate management” and “corporate real estate management.”
We hope you enjoy our encyclopaedia!