When purchasing your first condo it is a good idea to know the inner workings of a condo building.
What are common areas? Common areas are pretty self explanatory. Anything that more than just the owner of an individual suite makes use of is typically considered common. These areas's fall under the building responsibility to maintain and are a part of condo fees. Depending on the building windows, decks and pipes may be considered common property. Though having windows and pipes included in common property may benefits some owners, be warned that should major repairs take place, such as new windows for the building, a levy may be required to the tune 20,000 or higher.
Why you pay Condo Fees: Condo fees are split into 3 main categories: building maintenance, utilities and reserve fund. Maintenance such as: cleaning and repairs come out of condo fees are typically governed by the condo board. Depending on what the building decides in the begging some or all utilities may be covered by monthly condo fees. Building the reserve fund is a big priority for all condo boards and as such a portion of all fees are held in reserve for big costly repairs or renovations. The exact dollar figure is typically determined using a formula that factors the square footage divided by the cost per square foot.
What is a Levy? When there is an insufficient amount of funds in the reserve fund of a building and a major renovation, repair or upgrade has been deemed that is needs to take place a levy may be called to pay for it. A levy may be called for anything from redoing the roof to having to repair all the pipes in the building.
Condo board associations: Getting involved with your condo board is in your best interest. The board handles the affairs of the building including, but not limited to: repairs, condo fees, addressing owner questions and concerns, future plans etc.
Renovations: When renovating your condo you must ensure two things: 1) get permission in writing from the board. 2) Get a contractor that can tell you what you can and cannot change, removing a structural wall can spell disaster that you are liable for.
Your Pet: Be aware of the buildings rules surrounding pets. Many condo buildings in Alberta do not allow pets and have been backed legally. Take a look at the buildings policies to be safe. - 31386
What are common areas? Common areas are pretty self explanatory. Anything that more than just the owner of an individual suite makes use of is typically considered common. These areas's fall under the building responsibility to maintain and are a part of condo fees. Depending on the building windows, decks and pipes may be considered common property. Though having windows and pipes included in common property may benefits some owners, be warned that should major repairs take place, such as new windows for the building, a levy may be required to the tune 20,000 or higher.
Why you pay Condo Fees: Condo fees are split into 3 main categories: building maintenance, utilities and reserve fund. Maintenance such as: cleaning and repairs come out of condo fees are typically governed by the condo board. Depending on what the building decides in the begging some or all utilities may be covered by monthly condo fees. Building the reserve fund is a big priority for all condo boards and as such a portion of all fees are held in reserve for big costly repairs or renovations. The exact dollar figure is typically determined using a formula that factors the square footage divided by the cost per square foot.
What is a Levy? When there is an insufficient amount of funds in the reserve fund of a building and a major renovation, repair or upgrade has been deemed that is needs to take place a levy may be called to pay for it. A levy may be called for anything from redoing the roof to having to repair all the pipes in the building.
Condo board associations: Getting involved with your condo board is in your best interest. The board handles the affairs of the building including, but not limited to: repairs, condo fees, addressing owner questions and concerns, future plans etc.
Renovations: When renovating your condo you must ensure two things: 1) get permission in writing from the board. 2) Get a contractor that can tell you what you can and cannot change, removing a structural wall can spell disaster that you are liable for.
Your Pet: Be aware of the buildings rules surrounding pets. Many condo buildings in Alberta do not allow pets and have been backed legally. Take a look at the buildings policies to be safe. - 31386
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Condos Edmonton is Edmonton Alberta's top real estate website. Featuring the latest listings, excellent articles, news and advice with top Realtor Darlene Strang.
