By Mo Killu RCM GPM Property Management Inc.
condominium
owners
Condo Living
Be Mindful of the Basics of Condo Ownership Here is a List of the Top 10 Unit Owner Responsibilities
Condo living is great because it allows for residential ownership without the hassle of home maintenance. However, as with any real estate investment, condo living can come with its own pitfalls and perils. Condo owners should be aware of the basics of condo ownership responsibility to ensure their investment and its value is preserved and enhanced.
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The following is a list of top 10 things that condo owners should keep in mind to ensure their investment is protected and to facilitate worry-free ownership:
1
Insurance While a condo corporation’s general liability insurance covers the unit itself (up to the ‘standard unit’), don’t be caught without contents insurance, which will cover your personal effects and unit upgrades in the event of fire/ flood/damage. 74
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2
Rules & Regulations Each condo corporation has its own set of rules and regulations. Each owner is responsible for knowing them and abiding by them. Cooperation by all makes for a more amicable community. When purchasing an existing condo, make sure to thoroughly review the condo’s rules and regulations, as it is important to know what you’re buying into. This includes familiarizing yourself with the rules concerning pets, smoking, renovations, party room usage, etc.
3
Be a Good Samaritan If you see something dangerous, amiss or out of place, report it. This includes security breaches, vandalism, littering, etc.
4
Be a Good Neighbour Condo living is community living. Be nice
to neighbours, management and staff. Treat everyone with respect. Use proper manners. Say ‘hello’. You never know who you will meet.
5
Pay Your Common Element Fees on Time: Adhere to the payment schedule for any applicable common element fees to avoid interest and lien notices. Most corporations now let owners pay by pre-authorized debit.
6
Be Informed Information circulars and notices may be sent or posted to give the community pertinent information regarding the operation of the complex, community activities, finances, etc. It is highly recommended that you read all circulars and notices, attend all information meetings and AGMs to keep abreast of community developments, and to ask questions. Your condo will likely