Oh, to live a life free of responsibilities. Wouldn’t that be wonderful? It’s a perception a lot of people have about buying a condo. From working professionals to retirees looking to divest themselves of laborious yard work, potential condo owners often think their days of major responsibilities related to homeownership are done once they sign the dotted line. Unfortunately, that’s not entirely true according to companies who handle condo property management.
What Are Your Responsibilities as a Condo Owner?
Condo living is different than apartment or single-family home living. Despite being an owner of your property, as a condo owner, you have certain legal and contractual obligations. Condominium management services are put in place to handle some of the duties related to administration and upkeep of condo units and surrounding properties. However, the convenience of condo-living and a maintenance-free lifestyle does come with some responsibilities. Here are a few areas of responsibility that come with condo ownership.
Answering to a Board
Condo property management usually includes the establishment of a condo board of directors elected or appointed by the condo corporation. The condo board’s primary responsibility is usually governance, which also includes overseeing compliance; in other words, if you think you can plant a bunch of trees in your front yard that don’t fit in with the official landscaping plan of the condo property, the board’s going to have something to say about it. Generally speaking, the day-to-day operations of the property are the responsibility of contracted condominium management services. The board will be responsible for bylaws, rules, policies, and the establishment of annual fees for things like insurance, exterior repairs, landscaping and other items. You are responsible as a condo owner to adhere to the policies established by the board or suffer the consequences established in your condo owner agreement.
You’re Responsible for Your Living Space
Condo property management companies in Toronto are rarely responsible for interior maintenance of your property. You bought it, you fix it. That means you’re still responsible for plumbing, appliance repairs, fixtures, and other issues that might arise as a result of daily living. Suddenly that hope for a care-free existence is gone. If you eventually hope to sell your unit, you would be wise to keep up the responsibility of regular property maintenances.
Other Things That Condo Owners Have to Address
Some condo units have strict rules on pets, the number of cars, noise restrictions, and even visitors. Your guests could be subject to regulations established by the condo board. That could mean limiting the length of their stay. Your activities outside your unit could be restricted as well; perhaps a no-holiday decoration bylaw or no outside hanging of laundry rule, for example. Before you buy, make sure you know exactly what the rules are governing your condo to avoid future hassles and potential litigation. Get advice before you buy. Talk to the people at Ashbridges Property Management.