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This video. Well look at condo maintenance. Whos responsible as well as what what are the maintenance fees.
And do they increase every year. Thats starting right welcome to homebuyers school brought to you by brookfield residential hi. There im karl welcome to another homebuyer school video.
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See dont miss anything so today im. Joined by karen mcdonald community manager with brookfield residential and the question. Were gonna answer is actually the topic.
Were gonna answer is on condo maintenance. So karen whos responsible for maintaining a condo well the corporation that manages your your whole area. The whole development would be responsible for maintaining it.
But its also comprised of a homeowners board thats formed by the homeowners. So those members will be determined by the homeowners on the whole. And theyll have a say everybody as a homeowner has a say as to how the property is managed with the help of the management company.
So its not usually called a homeowners board as its condo board. What is the responsibility of a condo owner themselves well depending on your level of ownership. As well of course maintaining the interior of the home not doing anything to damage party walls bylaws will state everything that the homeowner is responsible for and so make sure that youre well aware of what the bylaws state.
But yeah typically its within the property lines of condo fees maintain the exterior of the building. Thats up to the management company to maintain for you okay.
And like what are you like if you are a renter. Though what are your responsibilities. Because it has to be different than an actual owner of the condo.
Its really not i mean as a renter you assume the bylaws as your own because youre renting that space and your landlord should provide you with a copy of those bylaws to say what you can and cant do with that property. So theres some instances. Where you cant run a business that brings traffic to and from your front door.
So if youre renting and thats going to pose an issue from other people that live around you thats gonna be an issue with your rent. So you have to be aware of the bylaws and you have to accept them so obviously. Theres condo fees related to your condo right so if you want to know more about condo fees check out our video above and below but from i guess a condo maintenance fee how are they calculated theyre typically calculated on unit factor shares so within the whole development.
Any development in alberta multifamily will have ten thousand units. And so typically based on size of a home unit factor shares are divided into numbers. So that affects your property tax also to effects your voting shares and your condo fees the amount of space that you own in there as well so thats how its calculated.
So are you saying that if you own a bigger condo. You have more you probably have more fees.
But do you also have more say or thats something voting factor shares. I mean you would have to have like you know much higher say a penthouse that maybe has a couple of floors. Youre probably gonna have a little bit more voting share than somebody that has a six hundred square foot single single bed kind of thing so yeah i mean anything thats its calculated will all be in those disclosure documents.
Everything that you would have as an owner as a tenant from your landlord as well so if theres actual work being done on your condo or the condo building itself. Does that mean your fees would your maintenance fees increase that depends it depends on what it is there are things that are done over time that that may need to be paid for so that could be done either in an increase in fees or in something thats called a special assessment. And the special assessment is some that happens when say theres major repairs or there say replacing all the windows or theyre replacing the roofs or something like that thats maintenance typically over time that needs to be updated that special assessments come in or if theres something that happens you know leak in something that causes damage then those things come around as well too so i know for example.
My parents bought a condo in harrison hot springs and the roofs leaked that means all the condo owners had to essentially pay an x amount of feet to get that roof fixed and special assessments come in that situation right. But what i think everybody should keep in mind is that these costs come in a single family home as well too. And its something that you have to take into consideration with a single family home with any kind of home ownership.
That theres going to be things that you have to repair and maintain and theres cost associated with that just because its called a special assessment in condos and multi family living. It kind of gets a bad rap for that but because its not called something in a single family home. So just like anything home ownership.
You have to maintain the home cost can be associated with it. But isnt there like some sort of i think youve mentioned it before a reserve fund.
Doesnt that kinda cover those kind issues ya. It can it can absolutely and depending on how much. The reserve fund is built up over time theres a certain amount thats allocated within your condo fees on a monthly basis devoted to reserve fund.
So over a number of years. The things that need to be maintained and updated just because theyre on date or if they need replacing those a lot of the times can be taken out of the reserve fund. But if its something thats like a repair a lot of the times warranties.
If youre buying new can come into that and on the special occasions. The special assessments come in as well got it do you have anything else that in terms of condo maintenance. I think its just making sure that you keep in mind that things happen with a single family home.
As well too maintenance has a cost for everything condo fees put it in a nice little lump sum on a monthly basis. And youre paying for a lifestyle that you have not youre not out there with everybody else on a saturday morning. Doing the lawn got it if you want to know more about condo maintenance specifically condo fees check out our for video.
Playlist here as well as how to buy your first condo for the very first time check out that playlist here. And dont forget to subscribe to know more from the experts. Thank you and well catch you next time.
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