In condominium high-rises and town-home complexes across Ontario, there is an increasing number of short term rentals that are popping up at alarming rates. You would be surprised about the implications your condominium may be exposed to and the potential costs associated with allowing AirBnB's to exist in your community.
Whether you are new to condominium living, or have been a long term resident in a townhouse or high rise, you will have likely heard these four dreaded words from your condominium property manager: “Sorry, that’s not allowed.” There are benefits to be had, but there are also compromises to be made with living in a condominium.
If you have ever purchased a new condominium or are about to embark on this journey, it is mandatory to conduct a pre-delivery inspection (“PDI”). PDIs are governed by the Ontario New Home Warranties Plan Act, which is administered and managed by Tarion. Each builder must conduct a PDI with the purchaser of a new home whether it be a house or a condominium unit.
The industry has long held that delivery of any documents relating to the corporation, must be in the form specified by the owner, and in compliance with the Act. Translated, a hard copy, mailed to the registered owner at the unit address, unless the owner has provided an alternate mailing address.
When it comes to the common causes of toilet repair problems—there are a few worst offenders. These menacing toilet-clogging, bathroom-leaking, noisy issues prey on the vulnerability of your bathroom’s highest-traffic area, your toilet—an element that literally gets sat on multiple times a day.
Pesky, frustrating and not the kind of thing anyone wants to wake up to, bathroom mould is one of the most common problems condo and homeowners face.
The good news is, assuming it hasn’t gotten out of control, the mould is relatively easy to get rid of, and even easier to prevent – if you know what you’re doing.
Upgraded bathrooms tend to hold their value especially well. Condo buyers are searching for that new and durable appeal within their property’s bathroom space and sellers can help maximize their returns with quality renovation work. However, renovating your condo can be more involved than you may think.
Typically, security is a topic that only gets attention and consideration after an event has taken place. A strong understanding of the potential risks, before they occur is a key element in developing a professional property management system that focusing on prevention over reaction.
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.
The importance of rules, especially in shared living environments such as condominium properties, is paramount to having all owners and residents residing in harmony. Or at the very least, ensuring that there is a minimum standard of responsibility and expectation for all to abide by.
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.
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.