How to Maintain Your Condo on A Budget
February 10, 2025 by FICOH
When budgets are tight, it can be tempting to skimp on maintenance and to delay seemingly minor home repairs, but it’s not a good idea. After all, your condo is a sizeable real estate investment – and an asset with significant future value – but only if you take care of it.
Small issues tend to turn into big problems if they’re not quickly resolved. For example, if you don’t fix a leaky window right away, you could end up with damaged sheetrock, ruined floors and even a mold infestation. Because of situations like these, experts estimate that deferred maintenance can inflate the cost of a repair by 60 percent more!
While condo maintenance is becoming increasingly expensive, there are some easy, inexpensive things you can do to protect your real estate investment.
- Install Smart Water Sensors
Water damage is a daunting exposure. According to This Old House, 25% of home claims filed from 2018 to 2022 were due to water damage or freezing. Just one inch of water in your home can cause damages of $25,000 or more!
That’s why it’s so important to install water sensors – especially if you don’t live at your property year-round. Smart water sensors are small devices that send an alert at the first indication of a leak. Many leaks go undetected for days or even weeks, resulting in significant damage to the building and enabling mold to grow. By detecting leaks early, property owners can mitigate potential damages.
Wired’s list of the best water leak detectors includes simple and inexpensive options as well as more advanced systems. Through early detection, water detectors can help you avoid expensive water damage repair costs.
- Perform Regular Inspections and Condo Maintenance
By inspecting and maintaining your condo on a semi-annual basis, you can identify potential issues before they result in significant losses. A thorough inspection should cover everything in your unit that you, the homeowner is responsible for, including the appliances. Be sure to check:
- Hoses. Examine appliance water supply lines and other hoses for visible signs of wear and tear. If you see cracks, loose connections, leaks, or other signs of damage, fix or replace the hose. Be sure to include your barbeque and propane tank hoses in your inspection.
- Sprinklers, alarms, and fire extinguishers. Make sure fire sprinklers, smoke detectors, and carbon monoxide detectors are working. Replace the batteries regularly. Also, maintain fire extinguishers following the instructions provided.
- Appliances. Be sure to clean your dryer vent, dishwasher filter, refrigerator coils and range hood filters.
- Plumbing. Check pipes, sinks, and toilets for signs of leaks. Pay attention to changes in your water usage. An unexplained surge could indicate a leak.
- Air conditioning and HVAC units and generators. Get your heating and cooling equipment serviced annually and ensure filters are regularly replaced.
- Electrical. If light switches or plugs aren’t working properly, hire a licensed electrician to resolve issues.
- Windows/doors. Check for leaks, drafts and bugs. Caulk any gaps and re-paint or stain any exposed wood.
- Decks/patios. Remove any debris and pressure-wash if needed. Re-apply sealer to your deck or patio as needed
- Get Involved with Your Condo Association
When there are large losses or substantial improvements needed (like a roof or siding replacement), individual unit owners may be charged an assessment. By becoming involved with your condo association, you can suggest proactive maintenance and smart upgrades that could control these costs.
For example, FEMA says installing flood vents and sump pumps, sealing foundations and basement walls, and improving lot grading helps prevent flood damage. See FEMA’s brochure for more ideas. If you’re in a wildfire-exposed area, your condo association may also want to consider ember-resistant vents and gutter guards.
- Review Your Condo Insurance Coverage
Cutting back on insurance could backfire if you have a loss, but you also don’t want to overpay for coverage.
A licensed insurance agent can review your policy to make sure you receive any discounts you’re eligible for and to help you avoid both coverage overlaps and gaps. They can also educate you about available coverage riders to bolster your condo insurance protection.