Condominiums require ongoing governance and management as the buildings age. In the later years of a condominium development, common challenges and opportunities in condominiums include dealing with disputes, managing diverse and changing resident and owner profiles and expectations, and managing finances. Condominiums provide important structures and systems for managing neighbour relations and disputes, as well as for managing their building assets. When run well, condominiums have the benefits of pooling the finances of owners, and sharing the responsibility for managing neighbour relations and property maintenance. Condominiums can also act as important vehicles to enable collective action. However, even in the best-run condominium, it is likely that there will be some disputes over resident behaviour and disagreements over financing repairs and improvements. These challenges are usually more acute in condominiums with changing resident and owner profiles.
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