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.
What are Condo Fees? Condo fees are a monthly payment that covers repairs, common property and some, if not all, utilities. When you first buy a condo it is important to check the reserve fund and the state of the building. A portion of condo fees go towards building the reserve fund encase of emergencies or larger building expenses.
Levies: There are times and situations where the reserve fund will not be able to pay for a necessary upgrade or renovation, as such the condo board will send out a levy. A levy requires every condo owner to pay a certain amount over and above condo fees and may be broken up into several payments or come as one lump sum payment. There is no set limit to the amount of a levy.
Know Your Condo Board: It is always a good idea 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 plan on slapping a few coats of plan 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.
Pets: Before purchasing your new condo make sure that man's best friend is allowed to move in. Depending on the bylaws of the building and local laws pets may or may not be allowed. If you find yourself in a bind, consult the condo board or legal advice. - 30243
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.
What are Condo Fees? Condo fees are a monthly payment that covers repairs, common property and some, if not all, utilities. When you first buy a condo it is important to check the reserve fund and the state of the building. A portion of condo fees go towards building the reserve fund encase of emergencies or larger building expenses.
Levies: There are times and situations where the reserve fund will not be able to pay for a necessary upgrade or renovation, as such the condo board will send out a levy. A levy requires every condo owner to pay a certain amount over and above condo fees and may be broken up into several payments or come as one lump sum payment. There is no set limit to the amount of a levy.
Know Your Condo Board: It is always a good idea 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 plan on slapping a few coats of plan 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.
Pets: Before purchasing your new condo make sure that man's best friend is allowed to move in. Depending on the bylaws of the building and local laws pets may or may not be allowed. If you find yourself in a bind, consult the condo board or legal advice. - 30243
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