Condominium FAQs
This article focuses on the management of a condo building for first time buyers.
Common Property: Limited common property is owned by everyone in the building and typically includes areas such as: lobby, facilities, parking (with the exception of individual stalls), hallways, elevators etc. Basically common property is anything outside of your suite. Some common buildings may include windows and pipes as common property. Common property is often maintained by a property manager or condo board and is financed by 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.
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.
Condo Boards: A condo board is a group of owners that act on behalf of the building at large to manage the state of the building as well as finances, future projects and concerns of other owners. Structured as a corporation there is a president, vice president, secretary 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.
Condos and Pets: Before you move, ensure that the bylaws of your new condo building allow for animals.
Condos Edmonton is your new top real estate website. Featuring the latest listings, excellent articles, news and advice with Edmonton’s top Realtor Darlene Strang.
Related posts:
- Picking Out A Property - Is A Condominium A Harmless Investment? Do you hesitate to purchase a condo dreading you might...
- Great Tips To Selling Your Home Or Condo Pretty much most real estate markets, regardless of where they...
- Things You Need To Know Before Buying A Condominium Perhaps you and your family prefer to live in the...
- Buying and Selling Property in Canada Looking at Canadian real estate, buying and selling homes, and...
- Things To Consider When Purchasing A Condo Buying a condominium seems like the perfect thing to do...
Related posts brought to you by Yet Another Related Posts Plugin.