10 Basic Things You 10 Basic Things You Should Know About Should Know About

CondominiumsCondominiums

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.

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.

Condo FeesAll 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.

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.

Property taxes

By calcualting the unit factor, the property tax for the condo is calculated and condo

owners pay it accordingly.

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.

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.

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.

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.

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.

Thank You !!Thank You !!

By : Appleby Gardens Condominiums