Embarking on the exciting adventure of purchasing a new condo can be a thrilling experience, but the ocean of real estate terminology can be a bit overwhelming. Fear not! In this blog post, we’ll unravel some common terms you need to be familiar with before diving into one of the most significant investments of your life.
Let’s get started:
Condominium Management Company
The Condominium Management Company is responsible for managing and maintaining the common areas of the condominium complex, setting rules and regulations, and collecting fees. They are here to hear all of the complaints of the residents and take action. Homeowners are responsible for paying a monthly Condo Fee to the Condominium Management Company to cover the maintenance, repairs, and operational costs of shared amenities and common areas within the condo complex, ensuring the overall well-being and functionality of the property.
Made up of volunteers residing in the condo building, the Condo Board includes roles like President, Vice President, Secretary, and Treasurer. Their mission? To communicate with the condo management company, ensuring residents’ needs are met. Before volunteering, be warned that each situation is unique. Be sure to educate yourself on your responsibilities prior to stepping up.
These are regular payments from unit owners to the Condominium Management Company, covering shared expenses like maintenance and amenities. Understanding projected condo fees is vital when moving into a new condo, helping you assess the financial commitment and anticipate potential increases.
Condo Rules & Regulations
This includes everything from architectural guidelines to pet policies. Thoroughly review these restrictions to ensure they align with your lifestyle.
PRO TIP: One thing we like to remind our clients to look for before purchasing a condo is a minimum lease term aka length of time that you can lease a unit in the building. If you notice that there is no minimum, it is most likely that there will be AirBNBs in the building which could be disruptive to the quiet lifestyle you hoped for.
Think of this as a financial safety net held by the Condo Management Company to cover unforeseen expenses or major repairs. A well-funded reserve indicates a well-managed condo complex and financial stability—a crucial factor checked by lawyers during the condo purchase process.
Hot Tips Before Purchasing a Condo
Consider these juicy tidbits:
– Understand that condo prices are per square foot, impacting the listing prices.
– Check if parking and lockers are included in the deal.
– Be cautious about occupancy dates; delays can happen.
– Differentiate between occupancy and possession; they’re not the same.
– Investors, be aware of HST obligations on closing.
And remember, we have a wealth of knowledge about the condo scene, especially in St. Catharines. If you’re looking for trusted REALTORS who know the ins and outs of condo living, don’t hesitate to contact Kim & Ginny Real Estate. CONTACT US HERE
Kim & Ginny Real Estate