Owning A Condominium is different than owning a home. What do you need to know before you purchase a condo? Is this the right choice for you?

What Is A Condominium?
A condo is not a building; a condo is a type of ownership. When you purchase a condo you are purchasing a section or unit of the dwelling. You may also own part of the space surrounding your unit which could include parts of the building such as the hallways and the property. There is a condominium corporation created.  You do have ownership of all the space you will be living in and are responsible for the repairs or improvements within that space.

What Are Condo Fees For?

Each owner of a unit will pay a certain amount of money based on what they own outside of their unit space.  This money is paid for the up keep of the common areas of the property and structure, which can include heating, electrical system, landscaping and elevator repairs, insurance and other concerns.

Who Pays The Property Taxes?

The property taxes are your responsibility and are based on the size of your unit and the market value.

What Will Happen If You Don’t Keep Up With Your Condo Fees?

If an owner of a unit with the condo does not pay their condo fees, the condo corporation is within their rights to put a lien on your unit which will include interest and any legal costs that are incurred, plus any reasonable expenses.  It’s important to know that if the fees are not paid, the condo corporation is allowed to sell your until under a power of sale.

Who Take Care Of The Building 

The owners of the property are responsible for the maintenance and care of the structure. They will either hire a management company to do this for them or they set up their own management group to do this.

Each condo and condo corporation is set up differently. Don’t assume that the fee structures for one will be the exact same for another. You will have to know before you buy what you are entitled to and what you are responsible for when you purchase a unit within the condo.

There are a few more factors you should be aware of before you purchase a condominium. It’s best to talk to a Real Estate Representative that knows what these are before you start the process of looking for a condo. Irene Bilinski can provide you with all of the considerations you need to know before you decide if a condo is for you. Give Irene a call ( 613-858-1151), she would be happy to talk about your responsibilities and rights.