| Common Condo Questions: |
| Invention Development Advice - Selling/Distribrution/Licensing | |||
|
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. 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. What is a Levy? When there is an insufficient amount of funds in the reserve fund of a building and a major renovation, repair or upgrade has been deemed that is needs to take place a levy may be called to pay for it. A levy may be called for anything from redoing the roof to having to repair all the pipes in the building. Condo board associations: Getting involved with your condo board is in your best interest. The board handles the affairs of the building including, but not limited to: repairs, condo fees, addressing owner questions and concerns, future plans 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. 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. More information: Condos in Edmonton is Edmonton Alberta's top real estate website. Bringing you the latest listings, excellent articles, news and advice with Edmonton's top Realtor Darlene Strang.
|