Why Live in a Condo?
A condominium is the best of both worlds. You have the advantage of ownership, without the hassles of maintenance, repairs and security concerns. For singles, couples and families, owning a condominium offers the freedom to enjoy the good things – and time to concentrate on the important things.
Why is it Different?
A Condominium is actually a legal definition that refers to the method of ownership, not the type of building.
Any type of home – including suites in low rise or high rise towers or townhomes – can be a condominium.
When you buy a condominium, you own the interior space of your home outright. Then you and all the other homeowners in your condominium community jointly own all the other physical and mechanical structures, from the hallways and elevators to the recreational facilities and the outside grounds. These are for the shared use of all owners and are called “common elements”. Your balcony or patio is also considered a common element, but it’s what’s known as an exclusive use common element. This means only you can use it, but the maintenance is not your responsibility.
What Are Maintenance Fees
Also referred to as common area expenses. Maintenance fees are a monthly charge (your share) for the utilities, regular upkeep, management, administration and insurance for the common element areas. The fees vary according to project and home size. Each homeowner’s portion of these expenses is set out in the budget statement, which lists the percentage for which each unit is responsible.
How Maintenance Fees are Determined
We admit it might not be the most exciting topic, but it is certainly an important one to understand. Maintenance Fees; what they are, what they pay for and how the associated costs are determined for each homeowner.
Why You Need Homeowners Insurance
Do you need homeowners insurance for a condominium home? The short answer is yes. But aren’t you already insured by the condominium corporations insurance? The answer is YES AND NO.