Stop working and start living! Imagine a maintenance free world, one in which you can come and go as you please and not worry about housework. Gone are the days of endless hours spent cutting the grass and shovelling the driveway! Welcome to a lifestyle of effortless convenience. Condominium living is coming to Sudbury in a BIG way! As new construction condominium projects begin to emerge, there is no doubt the condo buzz has definitely become a local real estate topic of conversation… But is condo living right for you?
We have examined the benefits and the drawbacks to condominium living, but first here’s a little condominium orientation!
SO WHAT EXACTLY IS A “CONDO” ANYWAY?
A condominium is actually referring to a type of ownership, and NOT a style of building. As many people perceive condos to be high-rise structures, condos can also be low-rise buildings, townhomes and even detached homes. When you own “a condo” you own your specific unit, and you ALSO own a shared interest in the land, and the rest of the building, along with its common areas.
WHAT ARE CONDOMINIUM MAINTENANCE FEES, AND WHAT DO THEY COVER?
As a condo owner you are responsible to pay a monthly condominium fee. Condo maintenance fees are your percentage share of the costs to run the building as a whole. Unlike rent they are not a profit source for the management, in fact, each building is registered as a non-profit corporation. These fees are calculated according to the size of your unit.
Condo fees cover building maintenance work such as window cleaning, snow removal, house keeping, gardeners and so on. This will vary from building to building depending on what amenities it possesses, how much common space a building has etc. Typically the larger number of amenities a property has onsite the higher the maintenance fees.
THE RESERVE FUND
A portion of your monthly fees are allotted to the condominium reserve fund which every condo must maintain by law. This reserve fund is created to ensure that there are sufficient finds available for major repairs and replacements over the life of the building when necessary.