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This article focuses on the management of a condo building for first time buyers.

What are common areas? Common areas are pretty self explanatory. Anything that more than just the owner of an individual suite makes use of is typically considered common. These areas’s fall under the building responsibility to maintain and are a part of condo fees. Depending on the building windows, decks and pipes may be considered common property. Though having windows and pipes included in common property may benefits some owners, be warned that should major repairs take place, such as new windows for the building, a levy may be required to the tune 20,000 or higher.

What are Condo Fees? Condo fees are a monthly payment that covers repairs, common property and some, if not all, utilities. When you first buy a condo it is important to check the reserve fund and the state of the building. A portion of condo fees go towards building the reserve fund encase of emergencies or larger building expenses.

Condo Levies: Condo levy can strike fear in the hearts of condo owners. A levy is a mandatory charge of x amount of dollars to every owner in a building and is done when major repairs or renovations must take place (or a voted upon) that cost more that the reserve fund can handle.

Condo Boards: A condo board is a group of owners that act on behalf of the building at large to manage the state of the building as well as finances, future projects and concerns of other owners. Structured as a corporation there is a president, vice president, secretary etc.

Renovations: When renovating your condo you must ensure two things: 1) get permission in writing from the board. 2) Get a contractor that can tell you what you can and cannot change, removing a structural wall can spell disaster that you are liable for.

Your Pet: Be aware of the buildings rules surrounding pets. Many condo buildings in Alberta do not allow pets and have been backed legally. Take a look at the buildings policies to be safe.

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Comments (0) Jan 31 2010

If you are looking for a first home, a retirement home or a vacation home, the condo offers a great choice. By choosing a condo, a homeowner does not have to worry about the responsibility of any exterior maintenance so that the lawn care is no worry if you travel or are unable to do it.

If you choose a condo for a starter home, the purchase price is often lower than that of a single family home. The investment normally will grow like all other real estate. It is a great way to prove your creditworthiness as you make payments on time. Rather than pay rent on an apartment, your payments build equity in the home that can be used as you build to a larger single family home.

If you are wanting a vacation home, the condo offers one of the greatest choices. You will not have to worry about the maintenance or lawn care as your homeowners association takes care of these necessities for you. Many of the condos in favorite retreat areas are in better locations than the single family homes. The home away from home is perfect for a week long or a weekend get away. In addition, many owners choose to rent out their vacation homes as an investment. The rental on the vacation condo often will make the payments on the mortgage.

When it is time to retire, why spend all of your time doing the lawn care or home maintenance? A condo is a perfect way to downsize and be able to travel without having to worry about who will take care of the yard.

Many condos will offer swimming pools and hot tubs. They have exercise rooms and saunas. The best part is that everything is maintained for you, so that you do not have to worry about keeping the pH of the pool correct or repairing the exercise machines. If you need a place for a large family gathering, the club house is often available on a first come first serve basis. Many clubhouses offer much more room than anything in a single family home.

There are some disadvantages of a condo. You must pay fees to the association every year. If there are major repairs that are necessary, there may be special assessments to cover those fees. With a single family home, you can choose to put those repairs off until times are better, but with the condo, the fees must be paid when the association requires it. In addition, you have no choice on the external choices that are made as to the color of the home or landscaping of the yard.

Another disadvantage is that you do not have the freedom that you would have with a single family home. You may not be able to have pets in the condo that you own. Be sure that you read the rules of the homeowners association and the covenants, conditions and restrictions of the condo before you purchase.

Living in a condo is a perfect choice for some families, but for others it is not the choice that would make them feel comfortable.

Whether a new, get-away or step-down home, condos, condiminium, condominiums, condo association, condos for sale, condo for sale are an excellent consideration. With a condo there’s no outer building maintenance!

Comments (0) Jan 31 2010