10 Basic Things You Should Know About Condominiums (1)

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10 Basic Things You Should Know About Condominiums (1)

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Title: 10 Basic Things You Should Know About Condominiums (1)


1
  • 10 Basic Things You Should Know About
    Condominiums

2
What 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.

3
Management 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.

4
Condo 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.

5
What 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.

6
Property taxes
  • By calcualting the unit factor, the property tax
    for the condo is calculated and condo owners pay
    it accordingly.

7
Is 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.

8
Reverse 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.

9
Can 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.

10
What 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.

11
For 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.

12
Thank You !!
By Appleby Gardens Condominiums
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