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What is a Condominium?
The following post is guest written by realtor Nic Friesen:
Condominiums are becoming increasingly popular in the area but can be a complicated topic. There are
lots of misconceptions about what a condo is, costs that are involved, and what benefits condo living can
have. The following answers to frequently asked questions will hopefully help shed some light on this
topic and help you determine if condo living is right for you!
What makes a condo, a condo?
Contrary to popular belief, the style of ownership is what makes a property a condo, not the style of
housing. Condos can be an apartment building, detached housing, or even commercial office space! A
condo becomes a condo when there are individual property owners that have shared ownership of some
element of the property. This can be common hallways, shared green space, a road, a club house, or any
other mutually owned aspect of the development. Being a condo defines the type of ownership.
What are condo fees?
Condo fees vary depending on what’s included. Often monthly fees will cover yard care/snow removal,
any expenses incurred on common areas (hallway electricity and cleaning, or costs associated with a
clubhouse), building insurance, and contributions to the reserve fund.
A reserve fund is basically a savings account for the owners in a condominium for future expenses such
as new shingles, parking lot maintenance, new siding, etc. Every penny that is spent on condo fees is
allocated to a specific expense or account and is closely monitored by the condo board.
What is a condo board?
The condo board is an elected group of condo owners from the development that looks after bill
payments, arranging ownership meetings, managing finances for the condominium, and general house
keeping to ensure everyone in the development is content.
What are the rules?
Rules or bylaws for each condo development are different and is determined by the condo owners.
Examples of some typical bylaws are no pets, owners must be aged 55+, no kids or dependents living at
home, etc. Generally, condos have a group of like-minded owners with similar lifestyles that benefit from
the same list of restrictions.
Examples of local condominiums:
If you have any questions about local condo developments or if condo living is right for you, please