Condo Living

When considering Condo Living, it's important to remember that this is not just a type of property - Condo Living is a Lifestyle! You need to understand the basics of both the type of property ownership that condos are, and the lifestyle that you will be living! Condo's are a great option for many lifestyles, and can ease a homeowner's burdens!

So, whether you are considering buying, renting out or investing in a condominium you need to know the facts.

1.What is a condo?

A Condominium is s style of home ownership, not a style of building. Condos can be town houses, low and high-rise apartments or even freestanding houses in a community. You can buy new condos, resale condos or condo conversions, which are rental units that have been upgraded and resold as condo ownership.

Your ownership consists of the individual ‘unit’ as well as a share in the ‘common’ areas. (Ex. Hallways, elevators, grounds, etc…)

A condominium complex is created as a ‘corporation’. It has provincially and municipally legislated bylaws as well as rules & regulations that are set out by the owners.

There is a Board of Directors which is elected by the owners. Changes in the operation of the corporation are voted on by the owners.

1.What are the owners responsible for?

Typically, the individual condo owner is responsible for the maintenance of their own unit and the corporation is responsible for the exterior of the building and common areas.

The maintenance and operating cost for the common areas come from fees levied by each unit owner. They are also required to pay condo fees.
1.What do the condo fees include?

The condominium fees typically cover items such as exterior maintenance, landscaping, snow removal, building insurance, management fees, reserve fund contributions and others. Each corporation's fee structure varies. In some cases it includes partial utility costs as well. This information will all be in your condo documents.

Much of the maintenance on your home will be done for you and decided upon by the board of directors. This is one of the main reasons people choose to live in condos. If you are away from your home for long periods of time, a busy professional, have mobility issues or don’t have the skills and time to do your own home maintenance and repairs – a condo is a great idea! Imagine never having to shovel your snow, clean your eaves troughs or schedule your garbage removal. In a condo, this is all taken care of for you.

However, if you are more of a do-it-yourself person, you need to consider that work being done to ‘your’ home will be decided on by a group of directors.

1.Are there restrictions to Condo Living?

In some cases, yes. Remember that you are buying a lifestyle and some condos have restrictions to preserve the specific lifestyle its residents choose. Some examples of these restrictions are:
◦Senior's only complexes, usually residents must be 50+
◦Adult only complexes, no children, all residents must be 21+
◦pet free condominiums

Along with pet and age restrictions, some condos may dictate the outward appearance of the condominium, including satellite dishes, flags, landscaping or paint colors.

A condo is a community of owners living in close proximity to one another and working together in the management of their complex. Enjoy the security and comradeship of your micro-community!

1.What do I need to do to buy a condo?

You will need to inform yourself on the rules and restrictions of the condo, especially if you are planning on renting out your unit as an investment. You will also need to decide what type of condo you are interested in.

As part of my services to you:

I will help you to choose your Condo Document Specialist, Lawyer, Home Inspector and any other professionals necessary to ensure that you are buying into an appreciating investment.

I will make sure that you view all of the Condos that fit your criteria, including any that I know of that are not listed on the MLS (if available).

If you are interested in condo conversions that are not yet listed, please Call me or Fill out the form bellow to register for more information.