Title: 10 Basic Things You Should Know About Condominiums (1)
1- 10 Basic Things You Should Know About
Condominiums
2What exactly a codominium is ?
- Condominium is the property in which few units of
property are owned by individual and other common
units are owned by all other unit owners. The
condo owners become the member of condominium
corporation. You have all the rights to make
improvements in your individually owned unit.
3Management of Condominium Complexes
- A management company hired by the condo owners
can be responsible for condo management. Or
owners can also set up their own group for it.
4Condo Fees
- All the condo owners collect a particular amount
for management of common property and for
maintenance of facilities such as heating and
electrical systems, elevators, recreation rooms,
security etc. The condo fee can change according
to the owner's share in the common property as
per the condominium plan. It is called as unit
factor which is based on the area of unit or
initial market price of unit.
5What if the condo owner does not pay the
common expenses ?
- If unit owner fails to pay the common expenses,
the condominium corporation is entitled to sell
that unit. So the common expenses are compusary
to pay for all the unit owners.
6Property taxes
- By calcualting the unit factor, the property tax
for the condo is calculated and condo owners pay
it accordingly.
7Is property insurance covered in the condo
fees ?
- The condo owner need to have their own insurance
for the unit they individually own. And the
common areas of the property are covered by the
master insurance policy carried by condominium
corporation. The policy gives the liability
coverage and can cover the structural loss due to
fir, wind, water and other coverage. Master
insurance policy doesn't cover the contents of
separate units and improvements by unit owners.
8Reverse fund for condo
- A specific amount of money is set aside for
maintenance, repairing or improvements in common
areas. Usually, this fund is collected from the
portion of condo fees paid by the unit owners. It
becomes easy for condominium corporation to plan
for future expenses according to the reverse fund.
9Can owner rent out the condo ?
- The unit owner can rent out the unit if he/she
want to. But owner needs to pre-inform the
condominium corporation about the intent to rent
the unit, name of the tenant and address for the
service of the owner when the tenant vacates.
There are also few laws if the owner has made any
damage to property or if the tenant is
contravening the bylaws.
10What about having the pets ?
- Condominium corporation have the different laws
about having the pets in condos. Generally, the
cats and dogs under 25 lbs are permitted. But
rules can differ according to the size of unit or
if other owners have some objection for it.
11For whom a condo can be the best option ?
- For retirees, graduate students, young
professional and young couples, it can be a good
option. It is beneficial for these people as
condos are less expensive than other type of
properties. Regular maintenance is available so
the owner need not to worry about it. The condos
are generally located in urban areas, so all the
urban facilities are easily accessible. And it is
always better to have a self-owned unit than
renting a home. People can find the luxury condos
for sale in Burlington at Appleby Gardens.
12Thank You !!
By Appleby Gardens Condominiums