This post has been contributed by my fellow Ontario Condo Group member Kristin Ghent. Kristin, with real estate partner Anita Van Rootselaar, are Sales Representatives with RE/MAX Real Estate Centre Inc. in Guelph.
A big draw to owning a condo is the luxury of the low maintenance lifestyle. Do you like mowing the lawn, shoveling the snow, and cleaning the pool? Imagine the time you save when living in a condo that includes property maintenance! In many cases owning a condo gives you the opportunity to focus on what you love most – living in your own space without the work of freehold ownership.
When you own a condo, you also own a portion of the common areas shared by all residents in your building. These areas are called common elements, and they include front lobbies, parking garages, elevators, hallways, and other building amenities such as pools and party rooms. Typically, as the owner of a condo unit, you pay a portion of the expenses through a monthly fee to maintain common elements and the building exterior. When shopping for a condo keep an eye out for what is included in your monthly fee. Many condominiums include some of the following in your monthly fee: heat, hydro, water, property maintenance, and building insurance. Having condos fees explained when you purchase, will ensure that your property is well maintained while you enjoy the extra time.