10 Basic Things You Should Know About Condominiums (1)

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• 10 Basic Things You Should Know About
  Condominiums

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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.

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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.

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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.

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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.

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Property taxes

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

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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.

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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.

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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.

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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.

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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.

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Thank You !!
By Appleby Gardens Condominiums