Many people who are looking to purchase their first condominium unit, be it a townhouse or condo apartment, are attracted to the condo lifestyle. With condo living the day to day day concerns are not the same as with owning a house. Cutting the grass, gardening, and general maintenance of the outside of the home is not everyone's cup of tea. Condo living can eliminate all of this as the upkeep of the building is handled by the property management company.
But living in a condo may not be as carefree as most buyer think. The condominium lifestyle can be thought of as a communal experience but without the flower power. When you purchase your unit you are not isolated from everyone else. You share common elements such as the fitness facility, lobby, hallways and parking garage. All areas that must be maintained by those hired by the condo corporation to manage the building's day-to-day operations by using the maintenance fees that are collected from each unit owner.
As an owner, you may also need to abide by the by-laws set-out by the condominium corporations. These set of rules can dictate what, if any, pets are allowed in the building, proper use of the parking facilities, or what items you are allowed to place on your balcony such as barbecues. This has lead to a rise in the number of disputes between the unit owner and the condo's board of directors. So much so in fact that the Ontario government has had to enact laws to try to keep these disputes out of the courts by making it mandatory that these disputes go through an arbitration process first before turning to litigation.
If you have chosen to rent your unit out you may also be responsible for making sure your tenant understands and abides by the building by-laws. If your condo corporation's by-laws prohibit certain size dogs in each unit or the type of vehicle that can be parked in the garage, even in parking spaces that are owned, you would be wise to provide a copy of these by-laws to your tenant. This can help any unnecessary head aches down the road.
Even politics can come into play with each building acting like its own mini-city with residents voting for who will be on the condo board. Once the board members have been elected it is important as a resident to be involved with the board in its decision making. By doing so you are protecting your investment. Buildings that have a low participation rate by their owners may start to see a decline in the maintenance of the condo building. This can translate into lower sale prices as buyers are purchasing not only individual units, they are also buying into an entire building.
Having to follow rules within a condominium building should not necessarily prohibit anyone from purchasing a condo. However, to avoid surprises and disappointments, a potential buyer should know what is expected of each building's residents before signing on the dotted line.
