Common Condominium Questions:
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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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Jan 31 2010
