Drawbacks of Condo Living
Depending where you live the purchase price of condos can sometimes be greater than that of detached homes. Moving to a condo doesn’t necessarily mean downsizing to a cheaper property – Especially if you’re upsizing the luxury!
These fees are ongoing monthly for the entire time you reside in the building. Even if you pay off your mortgage your condo fees will always exist. As a condo owner you should expect to pay between $200- $600 monthly for these fees, and like anything else they don’t typically get any cheaper. As a building ages maintenance increases and as a result fees will be incrementally increased to compensate for added costs.
YOU’RE RESPONSIBLE FOR EVERYTHING WITHIN THE WALLS OF YOUR UNIT
Like home ownership, should something happen that requires repair inside of your unit, it is your responsibility as the owner of such unit for those types of repairs.
RULES & REGULATIONS
As a part of the Condominium declaration comes the Rules and Regulations in which property owners are obligated to abide by. Things like parking, pets, garbage disposal, and outdoor fixtures (such as satellite dishes) can be at the discretion of the Condominium Corporation. As a purchaser these items are brought to your knowledge before you purchase in the Status Certificate.
Within your condominium unit you have full control of what goes on. Outside of your unit you might not have the opportunity to have personal input on how the lobby gets redecorated, or what colour they are painting the hallways. It is also up to the corporation when major repairs are conducted, not necessarily when you want them to (such as window replacement etc).