December 2015
Condos for Dummies is a guide for those considering buying or renting a condo. It provides information for those who live in a condo and those who have not yet made the commitment.
This guide provides a summary of condo benefits, limitations, rights and responsibilities in a short and organized introduction to condo living:
Condo Benefits
- Greater Security – Most condo buildings offer some combination of 24-hour concierge, security cameras and/or coded passes for access to the building and amenities.
- Low Maintenance – Less or no outside maintenance. No painting, cleaning eaves troughs, outside painting or mowing, or shovelling snow.
- Amenities – The possibilities here include convenience store, fitness centre, swimming pool, tennis courts, movies, social groups, card games and much more.
- Sense of Community – Neighbours who make you feel at home and serve as a support group.
Condo Limitations
- Less Autonomy – You can’t always do what you want. There may be restrictions such as controlling visible window coverings, door hangings, noise or pets.
- Majority Rules – A condo corporation is a democratic institution where majority rules. This may entail compromises.
- Proximity to Neighbours – Regardless of if you get along with your neighbours, there is a shared managerial role among all owners.
- Maintenance Concerns – Maintenance is handled by the condo corporation which chooses what work is undertaken, when and who does the work. You are financially responsible for paying your maintenance fees.
Condo Living Rights and Responsibilities
Condo owners have a right to information about how their condo corporation is run. They have a responsibility to take an active role in this process, attend meetings and comply with notices from management. This is the best way to protect your home and your investment.
Condo Owner Rights
- Attend condo meetings.
- Vote on condo matters at meetings.
- Read meeting minutes and access to records such as financial statements.
- Bring up concerns and items for discussion at the annual general meeting.
- Elect members to the condo board.
- Remove a director from the condo board through voting.
Condo Owner Responsibilities
- Pay monthly condo fees in full and on time.
- Maintain your suite in good condition.
- Undertake repairs so as not to cause damage to neighbouring suites.
- Follow bylaws and rules of the condo corporation.
- Pay any special assessments.
- Address disputes with neighbours by talking things over through management or the condo board.
For information on For Dummies reference books go to www.dummies.com.
