It’s that time of year, when the snow starts to fall, you can see your breath in the cold winter air, and Christmas carols fill the radio stations and malls. Before you start to decorate your balcony with a string of your favourite sparkling lights, or cut down a tree, best to check your condominium bylaws, declarations and rules, and consult with your condominium property management company.
So you have made the decision to purchase a condo, and beyond the traditional excitement and anxiety that comes with any major life change, there are some fundamental aspects that you must understand before signing on the bottom line, specifically the financial condition of the condo corporation, with regard to the reserve fund.
The transition that occurs when moving from a single family home, or even another condominium, can seem daunting, or even overwhelming. With so many rules and regulations, there is no quick and easy way to find the answers.
Many condo owners have a misconception that they don’t need household insurance, because it is covered by the corporation through their common expenses payment made each month. All condominium corporations must carry insurance on the building, and this policy should be available to every owner. This policy, however, does not cover everything, and in some instances, deductibles can be quite high.
No one wants to think that a fire can happen in their condo property, however if it does being prepared for any situation can help save your life and your fellow neighbours lives.