{"id":6956,"date":"2022-11-28T11:06:28","date_gmt":"2022-11-28T11:06:28","guid":{"rendered":"https:\/\/www.citylets.co.uk\/blog\/?p=6956"},"modified":"2022-11-28T11:06:29","modified_gmt":"2022-11-28T11:06:29","slug":"forming-owners-associations-a-solid-investment-in-your-property","status":"publish","type":"post","link":"https:\/\/www.citylets.co.uk\/blog\/forming-owners-associations-a-solid-investment-in-your-property\/","title":{"rendered":"Forming Owners\u2019 Associations \u2013 a Solid Investment in Your Property"},"content":{"rendered":"<p>Owning a tenement flat can bring many challenges and opportunities to landlords, but the ability to work together with other flat owners is key to achieving a warm, dry and sustainable building. Your property is likely to be your biggest investment, so taking the time to get to know your building and your co-owners makes financial, as well as practical sense. The best way to work together with others in the building is to form an owners&#8217; association. This isn\u2019t hard to do and one can be set up whether there is a property manager or factor in place or not.<\/p>\n<p>For those who <a href=\"https:\/\/www.citylets.co.uk\/blog\/5-things-to-know-about-self-factoring\/\" target=\"_blank\" rel=\"noopener\">self-factor<\/a>, owners\u2019 associations create a structure to encourage communication between all owners, particularly if there are other landlords in the building.<\/p>\n<p><a href=\"https:\/\/www.citylets.co.uk\/blog\/forming-owners-associations-a-solid-investment-in-your-property\/lansdowne-crescent\/\" rel=\"attachment wp-att-6959\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6959\" src=\"https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2022\/11\/lansdowne-crescent-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1816\" srcset=\"https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2022\/11\/lansdowne-crescent-scaled.jpg 2560w, https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2022\/11\/lansdowne-crescent-700x497.jpg 700w, https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2022\/11\/lansdowne-crescent-1100x781.jpg 1100w, https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2022\/11\/lansdowne-crescent-400x284.jpg 400w, https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2022\/11\/lansdowne-crescent-768x545.jpg 768w, https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2022\/11\/lansdowne-crescent-1536x1090.jpg 1536w, https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2022\/11\/lansdowne-crescent-2048x1453.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/a><\/p>\n<p>If the building has a property manager already in place, that factor benefits from dealing with a single point of contact from the association, which can help ensure decisions are made quicker and are more informed, particularly when technical help is required from an architect or surveyor.<\/p>\n<p>Once formed, the association can undertake simple tasks such as regular checks of communal areas, which can be more cost effective than relying on professional help or leaving things to fall by the wayside (which can create more problems and costs in the future).<\/p>\n<p>Owners\u2019 associations are also excellent vehicles for making decisions on appointing or changing property managers, <a href=\"https:\/\/www.citylets.co.uk\/blog\/repair-or-not-to-repair-thoughts-for-landlords-with-communal-ownership-properties\/\" target=\"_blank\" rel=\"noopener\">planning repairs<\/a> and maintenance, selecting contractors and paying for repairs. Having the structure of an association for a building allows for owners to be involved at all stages of the decision making process, helping to avoid conflict and misunderstanding.<\/p>\n<p>An owner\u2019s association works best when there is a formal arrangement, with elements in place, such as a constitution and a maintenance bank account.<\/p>\n<p><a href=\"https:\/\/www.citylets.co.uk\/mobile\/\" target=\"_blank\" rel=\"attachment noopener wp-att-2791\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2791\" src=\"https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2017\/05\/latest-apps.png\" alt=\"latest-apps\" width=\"618\" height=\"85\" srcset=\"https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2017\/05\/latest-apps.png 618w, https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2017\/05\/latest-apps-400x55.png 400w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/p>\n<p>Setting the \u2018rules\u2019 for the association is important \u2013 examples of what they should cover include:<\/p>\n<ul>\n<li>the purpose of the association<\/li>\n<li>who can be members<\/li>\n<li>how meetings are conducted<\/li>\n<li>finances<\/li>\n<\/ul>\n<p>You can download a model owners\u2019 association constitution <a href=\"https:\/\/underoneroof.scot\/articles\/1105\/Architects\/Owners_Associations\">here<\/a>.<\/p>\n<p>Most effective owners\u2019 associations are well organised, with a committee formed consisting of a Chairperson, Secretary and Treasurer. This helps to spread the work and takes away the threat of the association collapsing if the key person sells their property and leaves.<\/p>\n<p>Scotland is one of the few countries in the world without a legal requirement to have owners\u2019 associations\u2019, however, legislation that will require them in every tenement building is likely coming. But there\u2019s no reason to wait till it\u2019s mandatory and the benefits of having owners communicating and ensuring their building is in good repair is one that is worth spending time on for your property and your tenants.<\/p>\n<p><a href=\"https:\/\/www.citylets.co.uk\/blog\/managing-the-unexpected-a-guide-for-resolving-common-repairs\/in-association-under-one-roof\/\" rel=\"attachment wp-att-6599\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6599\" src=\"https:\/\/www.citylets.co.uk\/blog\/wp-content\/uploads\/2022\/07\/in-association-under-one-roof.png\" alt=\"\" width=\"221\" height=\"62\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Owning a tenement flat can bring many challenges and opportunities to landlords, but the ability to work together with other flat owners is key to achieving a warm, dry and sustainable building. Your property is likely to be your biggest investment, so taking the time to get to know your building and your co-owners makes &#8230;<\/p>\n","protected":false},"author":1,"featured_media":6957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[197,779,1],"tags":[701,870,890],"class_list":["post-6956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-being-a-landlord","category-common-repairs","category-property","tag-property-maintenance","tag-property-repairs","tag-scottish-tenements","being-a-landlord","common-repairs","property"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - 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