Living in a condo is without a doubt a dream come true, especially if it has all the features and amenities you had in mind for your own. Geographical convenience, fewer maintenance responsibilities, and enhanced security are the key advantages of owning and living in a condominium.
If you live in Canada, a quick internet search on how to buy a condo in Toronto will give you more perspective if you’re interested in buying. However, you need to keep in mind that owning a condo comes with many commitments and responsibilities that you need to take seriously. Whatever the case, owning a condo is a great investment, both as an asset and as a home. In this article, we list the most common responsibilities of condo owners.
Carefully read the condo declaration
The condo declaration outlines the ownership structure of the condominium corporation. The report establishes the units and the basic components, reveals the proportion of the common parts that each unit owns, and indicates the required condo fees for each owner.
Different condo corporations have different definitions of ownership. The exterior wall is regarded as a component of the individual units in some condominium buildings. The exterior wall is one of the typical components in others. These differences are significant. They might decide whether you have to pay for window cleaning, for example.
Although the declaration may be altered, this rarely occurs. The majority of condo owners would have to agree to change the basis on which a unit contributes to the condo fees. Even amending a non-financial clause in the statement, such as the prohibition on pets, would call for majority approval.
Repairs to your unit
Condo owners are in charge of doing routine maintenance and repairs to their units. In many areas, it is also the owner’s duty to maintain and fix the electrical and plumbing systems that solely service the owner’s unit. For a description of unit borders and to learn what you are responsible for, make sure to consult your condominium declaration.
Owners should speak with the condo property management company or board of directors if there is damage within a unit to determine who is accountable and for what. People who have chosen to insure their property should also think about getting in touch with their insurance provider.
When you decide to buy and live in a condo you should start learning all about your responsibilities. So, read the condo declaration and bylaws to understand your obligations regarding your individual unit.
Repairs to common areas
In most cases, the condo company is in charge of providing upkeep, maintenance, and repairs for communal areas. All areas of a condominium complex that are not included within individual units are referred to as common areas. The condominium declaration and the description of the condominium define the boundaries between units and shared items.
The condo company operates the condominium using the money received from the monthly condo fees, which also covers the maintenance and repair of the majority of the shared areas.
The condo board of directors frequently employs a qualified property manager to assist with these responsibilities. For instance, if the lobby needs maintenance, the condo organization is required to take care of it at a cost that is shared by all of the owners.
Common areas that are utilized only by one or a small number of owners, such as balconies and backyards, are often maintained by the owners themselves. In general, condo organizations must keep the property in good condition to preserve its value.
Be aware of any restrictions
Any limitations on how you can utilize your unit or the shared elements will be outlined in the declaration, bylaws, and rules. Some of these may surprise you if you’re new to condo life.
For instance, they might limit the size or quantity of pets.
If you wish to rent your unit, the condo organization will want you to submit specific paperwork and they can limit some improvements to your apartment. To find out about any limitations and to confirm that how you wish to use your condo is permitted, you should carefully research the declaration, by-laws, and rules of your condominium.
A decent and responsible condo resident observes the rules and is aware of their responsibilities and rights, regardless of whether they own or rent the unit. You can achieve your ideal, day-to-day condo living while avoiding mistakes and issues by abiding by and being knowledgeable of your condo owner’s rights and obligations. So, if you intend to buy a condo, whether for your personal use or as an investment, you might want to think about the responsibilities of condo owners.