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Tag Archive: Homeowner’

What to know about condominium lifestyle

Living the condominium lifestyle means LUXURY, AMENITIES AND CAREFREE LIVING. Condominium ownership is rapidly becoming an important alternative to single-family home ownership in many parts of the country. Condominium ownership is exclusively owning an individual home and sharing in the benefits of common areas that are used by all residents including their pets.

WHAT IS A CONDOMINIUM?

A condominium may be defined as “a form of ownership, not an architectural style, in which you own a single unit in a multi-unit project together with an undivided interest in the common areas and facilities”. Common area expenses are billed to each individual owner. Each owner has an individual voice in the control, management and maintenance of common facilities through the Homeowner’s Association therefore having a definite say in their operation.

Owning a condominium is like owning a single-family home. You receive title insurance, a deed conveying fee simple title, and retain tax benefits from the payment of interest and property taxes. You receive tax advantages just as a single-family homeowner and benefit through increased appreciation.

 

WHAT ARE SOME OTHER BENEFITS OF OWNERSHIP?
– FREEDOM FROM YARDWORK: All yardwork is performed by professionals who are paid by the Homeowners Association.
– FREEDOM FROM MAINTENANCE: Maintenance and repairs of the outside of each building and common areas are paid for out of the Homeowners Association; However there may be the occasional time where your heating and furnace appliances.may need a tune up or repair.   When the furnace isn’t running properly, it has to work hard and this is where Toronto furnace repair can help. So what we want to do is take preventative steps so that it certainly causes no more energy consumption, ultimately driving up your costs.

So in the long run, spending extra for the best filter and changing it out often is worth it
– RECREATIONAL FACILITIES: Outside facilities are opened to all condominium owners. Facilities at Guadalupe River Condominiums include a swimming pool, tennis courts, and a park area. These are maintained by the Home Owners Association.

WHAT IS THE HOMEOWNERS ASSOCIATION?

Just as you pay municipal taxes to pay for your share of city services, you are responsible for contributing your share of the common expenses for your condominium. These costs are covered by your monthly maintenance fees and vary according to the size of your condominium, its facilities and the services required. The kinds of expenses include: landscaping, garbage removal, interior roadway maintenance, water, and insurance. In addition to these regular maintenance cost, a portion of your monthly assessment is deposited into a Fund to pay for any major repairs or replacements that may be necessary later on.

The Freedom afforded by the condominium lifestyle is perhaps the most alluring aspect of the concept. You can go away for as long as you want and know that your home’s building is being maintained and the lawns are being cut in your absence. Gone are the worries and difficulties of major home repairs. Professional companies are in place to handle every aspect of common-area maintenance and repair. You get the most mileage for your money, and you don’t have to worry.