In this article we will examine common questions that most first time condo buyers will have.
What is common property? Hallways, elevators, facilities like pools or gyms, parking and all other areas used by everyone can typically be classified as common property. Depending on the building internal components such as pipes and plumping may be considered common as well as windows and outside doors. When buying a condo make sure to check what considered yours or the building responsibility. Common property is maintained by the condo board and is paid for with condo fees.
Why you pay Condo Fees: Condo fees are split into 3 main categories: building maintenance, utilities and reserve fund. Maintenance such as: cleaning and repairs come out of condo fees are typically governed by the condo board. Depending on what the building decides in the begging some or all utilities may be covered by monthly condo fees. Building the reserve fund is a huge priority for all condo boards and as such a part of all fees are held in reserve for huge costly repairs or renovations. The exact dollar figure is typically determined using a formula that factors the square footage divided by the cost per square foot.
What is a Levy? When there is an insufficient amount of funds in the reserve fund of a building and a major renovation, repair or upgrade has been deemed that is needs to take place a levy may be called to pay for it. A levy may be called for anything from redoing the roof to having to repair all the pipes in the building.
Know Your Condo Board: It is always a excellent thought to know your condo representatives as they are responsible for making decisions on behalf of the building that will affect you. Participation on the board is typically welcome and allows you to keep up on the affairs of your building, including future projects, concerns etc.
Be careful when renovating: If you plot on slapping a few coats of plot then don’t worry. If you intend on touching anything behind the walls (like pluming or wires) or removing walls then you must get the go ahead from the board. It is also in your best interest to have a professionals help.
Condos and Pets: Before you go, ensure that the bylaws of your new condo building allow for animals.
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