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This article focuses on the management of a condo building for first time buyers.
This article focuses on the management of a condo building for first time buyers. What is common property? Hallways, elevators, facilities like pools or gyms, parking and all other areas used by everyone can typically be classified as common property. Depending on the building internal components such as pipes and plumping may be considered common as well as windows and outside doors. When buying a condo make sure to check what considered yours or the building responsibility. Common property is maintained by the condo board and is paid for with condo fees. Why you pay Condo Fees: Condo fees are split into 3 main categories: building maintenance, utilities and reserve fund. Maintenance such as: cleaning and repairs come out of condo fees are typically governed by the condo board. Depending on what the building decides in the begging some or all utilities may be covered by monthly condo fees. Building the reserve fund is a big priority for all condo boards and as such a portion of all fees are held in reserve for big costly repairs or renovations. The exact dollar figure is typically determined using a formula that factors the square footage divided by the cost per square foot. 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. Know Your Condo Board: It is always a good idea to know your condo representatives as they are responsible for making decisions on behalf of the building that will affect you. Participation on the board is typically welcome and allows you to keep up on the affairs of your building, including future projects, concerns etc. Before you renovate: Before under taking any renovation that may involve, pipes, taking down walls, or electrical, it is imperative that you a) have a contractor that known's what walls are load baring, and b) that you gain permission from the condo board before starting any work. Condos and Pets: Before you move, ensure that the bylaws of your new condo building allow for animals. More information: If you want condocondo listings, buying and selling tips and advice, visit Condo Edmonton.
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