If you are currently renting the Condo you are living in, have you ever considered buying one?
The process of buying a property is basically the same whether it is a single family home or a condo, but there are some unique differences when it comes to buying a condo.
what is means to own a condo
When you purchase a Condo in a building, you are buying a private unit in the building registered in your name, and you are also buying a share in the common elements and assets of the building. The Condo Corporation is responsible for overseeing and managing these common elements and assets of the building.
In the unit you purchase, you essentially own everything within the walls of your unit. This allows you to make your own choices in terms of what you do within your own unit from a decorating perspective although there may be some restrictions based on the Condo By-Laws.
The common elements that the Condo Corporation are responsible for include things like the lobby, hallways, elevators, recreational and common facilities, gardens, parking spaces, storage lockers, etc. Essentially anything outside of your individual unit.
As part of the overall management of the building, the Condo Corporation will develop By-Laws that pertain to the building and to the units within the building. Some of the things that the By-laws may dictate include whether pets are allowed in the building, what you can or cannot have on balconies including use of BBQ’s, etc. and restrictions around noise, etc. The By-Laws will also outline rules for the use of common spaces such as gyms, pools, etc.
As an Owner of a Condo, you will also be subject to monthly Condo Fees. The fees vary by building and size of unit and are used to cover the upkeep and maintenance of the common elements of the building; some condo fees also cover the cost of some utilities for individual units.
As an Owner, you become a member of the Condo Corporation with rights and responsibilities. It is in your best interest as an Owner to be aware of what is being discussed and voted on at meetings of the Condo Corporation. Part of the shared responsibility as a condo owner is maintenance and repair of the common elements of the building. For instance, if there is a major issue with windows, the roof, garage, etc. you may be required to pay your share of the cost to repair the issue. This could be as an increase in monthly condo fees or a “special assessment” lump sum payment. Condo Corporations are required to provide an accounting of costs, building issues etc. through regular and annual meetings of condo owners.
Want to know more about how you could become an Owner instead of a Tenant? Contact us today!
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