Buying A Condo - 5 Things You Need To Know
Owning a condo is very different from owning a regular home. Here are some of the most important things you need to know before buying a condo.
Ownership
If you’re buying a condo, you’ll have individual home ownership within a condominium, meaning ownership of only the space within the walls, floor and ceiling of the unit. This includes all fixtures like cabinets, toilets, sinks, tubs, heating units and flooring. When buying a condo, as a homeowner, you’ll usually be allowed to make interior modifications as long as the changes do not affect the areas outside the unit boundaries.
Anything outside the boundaries of the unit, called the common elements, like halls, elevators, heating system, exterior walls and areas, gardens is held in an undivided ownership interest by a corporation established at the time of its registration with the government. The corporation holds this property in trust on behalf of the group of homeowners.
Common element expenses
As a condo owner you pay monthly condo fees. These fees are meant to cover the common element expenses. These may include repairs to the building structure, landscaping and snow removal, service to the recreation facilities, underground parking, elevator maintenance, security service, common utilities, condominium municipal taxes, insurance, accounting, cleaning, renovations, regular maintenance, and of course, property management. A portion is credited to the reserve fund, which must be maintained at a certain minimum under the Condominium Act and is maintained mainly for future significant (maintenance) expenditures.
Condo insurance
Anything on the outside of your unit is part of the common elements. Insurance costs for those elements are normally included in the monthly condo fees. As a unit owner you only have to insure everything in the unit, including fixtures, flooring, etc. Because of this your individual insurance premium is usually quite low.
Rules and regulations
Before you purchase a condo make sure to check the rules and regulations of the condo corporation and that they don’t interfere with your desired lifestyle. These rules can vary greatly between condo complexes. Some condos may allow small pets, others may not. Some condos have strict policies about guest parking spots, others don’t. Make sure your realtor asks for an overview of the rules and regulations with the condo property manager.
Status certificate
When making an offer to purchase a condo, it’s wise to include a condition upon you and your lawyer receiving and approving what is called a Status Certificate.
This certificate, along with a package containing several other documents pertaining to the corporation, is prepared by the property management company, and reports on the financial and legal health of the corporation.
The last thing you want to do when buying a condo is to assume any pending litigation, or outstanding judgments or executions against it. You’ll also want to know if the corporation is financially solvent, and that there are no unpaid condo fees or special levies registered against the individual unit.
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CENTURY 21 United Realty Inc. Brokerage
INFO & SERVICES
CENTURY 21 United Realty Inc. Brokerage
387 George Street South (PO Box 178), Peterborough, ON K9J6Y8
(705) 743-4444
INFO & SERVICES
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