Become Active in Condo Home Ownership
You’ve made the decision to make a condominium your new home. Why not take an active role in its future by getting involved as a participant in its upkeep and prolonged maintenance, by being a member of it’s Condo Association? Most condo complexes in Canada have boards that represent members of the community of owners and help keep the property looking amazing long after the builder is finished. These condominium associations can ensure a healthy and vibrant community and well-kept premises, whether it’s an all-ages condo or a targeted 50+ or senior living community.
The Condominium Association
The condominium association is the group that governs the policies of the condominium project, allocate expenses for upkeep and maintenance and collect monthly, quarterly or annual fees. Usually, every owner that purchases a condominium (in Ontario, Canada and elsewhere) is automatically a member of the association. Before you even sign a purchase agreement the seller of the unit must describe what is considered the CC&Rs of the association. These are the covenants, conditions and restrictions of the property.
This often includes such staple rules and regulations such as garbage and recycling disposal, the policies regarding pets and even items that are or are not allowed on the owner’s balcony. The rules of these associations are governed by the Condominium Act, 1998. These associations are meant to protect the homeowners of the condominium as a whole against any one person or homeowner that would devalue the building by their actions. Some of the rules may enforce certain parking habits, issues considering visitors and loiterers or even using the condominium amenities.
It is these rules enforced by the Condo association that helps all residents enjoy their new home to their utmost enjoyment and keep the property in appropriate condition to warrant the condo and maintenance fees paid on a monthly basis.
Condominium Association Specifics
As a homeowner you have a right to membership, but also an ability to act on the Board of Directors as well. Most boards must have a President, Secretary and Treasurer just as in most corporations. Generally the builder holds the majority of the board positions until the units of the project have been sold.
One of the most important aspects of the association, besides rules and regulations concerning property use by homeowners is the maintenance of the property. Most associations use third party vendor property management firms to take care of the day-to-day care operations of the building. This includes snow removal, landscape upkeep and even small repair operations around the building. This is what keeps your investment safe from a property falling into disrepair as in a single family dwelling.
These associations also generally have emergency reserves to deal with unexpected situations that arise such as water pipe breaks, natural disasters or even liability lawsuits. In every way the association is a means to protect your investment for the long term ensuring a healthy, happy and joyful experience in your new home.
If you have purchased a condominium, one of the best ways to understand the management of the structure and ensure its vitality is to become an active member of it’s condo association. And if you happen to be newly retired or a senior citizen that may have some extra time you’d like to fill, it’s also a great way to get involved in your new community and meet people that live nearby.
Tel: 1-855-500-1215 Email: firstname.lastname@example.org Address: 544 North Service Road Grimsby,ON (Corner of N. Service Rd & Oakes Access)