The prospect of never having to shovel the driveway again, or cut the grass, empty the eaves or even repaint the front door does sound appealing to most, though condominium living is not for everyone.
A strong board, supported by a professional condominium property management company are only a few pieces of the puzzle that go into a well-run condominium.
What else is there to know?
Myth #1 – Condo fees are fixed.
In reality, condo fees can increase at any time and for a number of reasons, such as legal proceedings involving the corporation or an unexpected major repair, but most increases happen annually, and are approved by the board of directors.
Myth #2 – Owning a condo means affordable, carefree living.
Condominiums are communities. You are sharing your space with others, which by extension requires some give and take. Your financial responsibilities are akin to home ownership, but you have the added responsibility to share the common expenses with other unit owners.
Additionally, you are also beholden to a set of legal documents (Declarations, By-laws and Rules), which were designed to ensure the condominium is properly run.
Myth #3 – You will love to use all the amenities.
Historically, only five percent of most owners will use the common amenities, such as the gym or pool. You would be shocked to learn how expensive it is to operate a pool that barely anyone uses. Talk to your board, as there may be ways to get a better bang for your hard earned dollar.
Myth #4 – The condominium corporation is responsible for all repairs to damages in my unit.
Check again. The declarations define the boundaries of your unit and the common elements. Additionally, most condominiums have a standard unit by-law, which specifically defines what the minimum level or standard the unit will be restored to, in the event of damage caused by the corporation. Check with you insurance carrier to see if you can add additional protection, just in case.
Have another condo property myth you want busted? Contact us today at firstname.lastname@example.org to request a property management proposal for your building.