In this article we will examine common questions that most first time condo buyers will have.
What are common areas? Common areas are pretty self explanatory. Anything that more than just the owner of an individual suite makes use of is typically considered common. These areas’s fall under the building responsibility to maintain and are a part of condo fees. Depending on the building windows, decks and pipes may be considered common property. Though having windows and pipes included in common property may benefits some owners, be warned that should major repairs take place, such as new windows for the building, a levy may be required to the tune 20,000 or higher.
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 big priority for all condo boards and as such a portion of all fees are held in reserve for big 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.
Condo Levies: Condo levy can strike fear in the hearts of condo owners. A levy is a mandatory charge of x amount of dollars to every owner in a building and is done when major repairs or renovations must take place (or a voted upon) that cost more that the reserve fund can handle.
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.
Renovations: When renovating your condo you must ensure two things: 1) get permission in writing from the board. 2) Get a contractor that can tell you what you can and cannot change, removing a structural wall can spell disaster that you are liable for.
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.
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