Gaughan Companies: Association Stability a Big Concern for Condo Buyers

When considering a home in a community association, potential buyers are prudent to consider the association’s stability—a tip that has won affirmation from Gaughan Companies.

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Minneapolis, Minnesota (PRWEB) November 13, 2012

When seeking to purchase a new home or condo, there are many different considerations for the buyer to make. Not only are price, location, and property value important factors, but so is the presence of a condo association or an HOA. A recent editorial urges potential buyers to think critically about an association’s long-term stability before deciding to purchase a house or a condo within it—a tip that has won affirmation from Gaughan Companies.

Gaughan Companies is a leading real estate company, serving the Twin Cities region in Minnesota. The company was founded in 1969, with its initial focus being construction and maintenance, but now Gaughan Companies encompasses a wide range of property management services. In fact, Gaughan Companies provides association management to communities throughout Minnesota. Gaughan has weighed in with a new press statement, commenting on the recent editorial and affirming the importance of association stability.

According to Gaughan Companies, potential homeowners should look for associations that are overseen by full-service real estate companies. “Contracting and working with a full-service real estate service is superior to choosing association management companies that only cater to associations,” says the company’s new statement to the press. “Contrary to a purely association-driven management company, a full-service real estate company has the expertise and knowledge to handle all of the intricacies, laws, and business relationships that are involved in effectively managing an association.”

Gaughan Companies goes on to note that many bare-bones association services simply cannot offer long-term stability to the communities they serve. “Too many Association Management companies lack the dynamic nature and internal know-how that is needed to service their clients,” says the Gaughan press statement.

The editorial itself notes that homeowners should ask for copious amounts of information from community associations they plan to join. This includes not only copies of all applicable rules and by-laws, but also financial forecasts and budget reports. A truly healthy HOA or condo association will be able to project long-term growth, and offer strong indications of enduring stability.

Another tip offered in the editorial is that homeowners should ask how much money is on reserve for emergency repairs or capital improvement projects, like roof repair. A stable association will have some money set aside as a “rainy day fund,” allowing them to deal with whatever contingencies arise.

Gaughan Companies is a full-service real estate and association management company, offering management and maintenance services within apartments, single-family communities, and high rises. Gaughan Companies also provides property management services to retail shopping facilities, office buildings, medical centers, and more.

ABOUT:

Founded in 1969, Gaughan Companies has proudly served the Forest Lake and Minneapolis area for decades, offering a comprehensive array of real estate services. Gaughan Companies began as a construction company, and continues to offer superior contracting services, as well as maintenance and repair services. The business also offers extensive association management and property management services, and is zealous to please landlords and tenants alike. More information about Gaughan Companies can be found at gaughancompanies.com.


Contact

  • Tom Bomerson
    PR Management Inc.
    484-362-9658
    Email