With the population aging the trend towards smaller and less wieldy homes is becoming more the norm. Individuals are looking to the lifestyle that only condominium living can provide. With tiny or no yard and the convenience of a smaller living space to maintain you can appreciate why people consider this an option as they look towards retirement.
When you purchase a condo you own the unit you reside in, as well as a percentage of the common elements associated with the condo complex. These elements include hallways, foyers, sitting areas, parking areas and structures, pools and exercise facilities.
Along with these common features results a common cost which are unique to this style of residency. Common costs will cover a wide variety of common elements throughout the complex. You will need to closely exam what the common costs include under the condominium charter and what those common costs you will incur on a regular basis.
The common costs generally cover a variety of expenses that are outside of your domicile. The condominium corporation forms a board of directors to determine with the common cost from the building are. Generally items such as snow removal, cleaning of the common areas and sinking fund for building repairs.
When it comes to the purchase of a condominium you will receive a Status Certificate that will declare what the balance is of the sinking fund for major repairs. It will also itemize upcoming work on the complex and will provide you with an accurate statement of status of any unpaid fees associated with the condominium.
As condominium ownership is becoming more and more appealing and the buildings are catering to those with a higher disposable incomes. Be aware of what the common elements are and the costs associated with them.
