The responsibilities of a condo owner, are much greater than living in a home. With new builds happening in urban centres across the province and plenty of resale options out there, buyers have a world of choice when it comes to choosing a high rise or town home condominium. The one thing you do have to consider as a condo-owner is the maintenance fees you will be required to pay on a monthly basis and the various responsibilities of you and your condo board.
If you’re unfamiliar with how a condominium is run, you can liken it to a small community where everyone has a say. The condo corporation includes a manager and an elected board of directors, which is much like a town council. Each condo owner is also a member of the corporation and has a say (one vote per unit) when issues arise.[headline style=”1″ align=”center” headline_tag=”h2″]Responsibilities of the Condo Owner:[/headline]
1. Vote at meetings.
2. Elect board members
3. Maintain and repair your unit as needed.
4. Follow the condominium’s by-laws and rules
5. Respect the rights of other owners
[headline style=”1″ align=”center” headline_tag=”h2″]It is your condo board’s and/or manager’s responsibility to:[/headline]
1. Maintain the common property and assets of the condo corporation
2. Provide annual budgets and oversee reserve fund use
3. Enforce established by-laws
4. Respond to owner complaints in a timely manner
5. Arrange condo meetings
The condo fees (or maintenance fees) that each owner is required to pay each month covers things like the cleaning and upkeep of shared or common spaces (indoor and outdoor gardens, grass cutting, elevators, lobbies and hallways), the cost to operate amenities such as fitness rooms, swimming pools, party rooms, and other maintenance and repairs including snow removal, driveway and roof repair, window replacement and insurance. The condominium corporation carries a homeowners insurance policy on the exterior and/or structure of the condominium building, while each condo owner is responsible for insurance on the interior of the unit and personal property. Sometimes condo fees can also include cable, water and other utilities.