A good management company will go a far way in ensuring that your Condominium is well looked after.
They manage: the budget preparation, repairs and maintenance, payment of bills, collection of maintenance fees, enforcement of rules, preparation of financial statements, communication with auditors, hiring of proper contractors and engage lawyers when necessary.
They ensure the Corporation is run per Government regulations, and often save the Condominium Corporation money and unnecessary headaches. Ensure there is a management company.
Living in a Condominium is not the same as living in a detached house. When you buy a Condominium you give up some of the freedoms and choices you have in a private home. If you can’t live by rules, then Condominium living is not for you.
For example door colours are decided by the Condominium Corporation. Drapes must be white or off white when viewed from the outside. There can be no satellite dishes, and so on. The list of rules and restrictions can be long and may take up several pages. Here are some examples of rules you may have to live by. They vary from one Corporation to another.
“No television antenna, aerial, tower, satellite dish, or similar structure or any associated equipment shall be erected on or fastened to any unit, or upon the common elements, including any patio, balcony or terrace.”
“Nothing shall be thrown out of the windows or doors of the building or from any patio, balcony or terrace. No mops, dusters, rugs or bedding shall be shaken or beaten from the windows and doors of the building or from any patio, balcony or terrace.”
However with these restrictions come some freedoms that I particularly enjoy. I don’t have to cut my grass, and if the roof needs repair the Condominium Corporation takes care of it. When I travel or go on vacation, I don’t have to worry about who will take care of the house while I am away. I simply close the door and leave. The rules also benefit the complex as a whole, as everyone is required to keep common areas looking the same.
The Corporation is responsible for fixing leaks from the common elements, such as roofs. When they need repairs or replacement the Corporation also takes care of it. Please note that in the case of a Common Elements Condominium Corporation, the owner is responsible.