Saturday, February 12, 2011

Condominium Living-- What you need to know. - free e-book


Condominium Living-- What you need to know.


It's often said that buying a condominium is buying a lifestyle. What does that mean? Condo living is different from owning or renting a single dwelling, town house or apartment, because condos have a dual nature. Condo owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condo.

There are many advantages to condo ownership. It may be less expensive than other types of home ownership. It can provide an "instant" sense of community. While someone else is shoveling the snow, you can participate in community decision-making. But condos are not everyone's cup of tea. Condominium corporations may set restrictions on such things as owning pets, or having an outdoor barbecue.

When you purchase a Condo, you automatically become a part of a homeowner's association to which you pay Condo fees The fees cover the cost of maintaining and insuring the common areas. Precisely what the Condo Fees cover will vary from one complex to the next, so find out exactly what's covered before you buy.

The Condo Fees also help fund a Reserve Fund to cover major expenses, like refurbishing common areas or replacing an elevator. Make sure to check a current financial statement for the association. If the reserve account isn't flush enough to cover unanticipated expenses, the individual homeowner's could be accessed an additional amount to cover the expense. This will add to your cost of ownership.

Reserve Fund Studies:
A condo corporation must maintain a reserve fund for the sole purpose of paying for major repairs and replacement of the corporation's common elements and assets. Corporations are required to conduct a reserve fund study to determine whether the fund can cover these costs. Once the study is done, the board proposes a plan to ensure the reserve fund is adequate. All owners must be given a notice containing summaries of the study and plan and a statement indicating any differences between the two. All existing condominiums must complete a reserve fund study by Yearly from 2005. The fund must become fully funded within 10 years of the study. New condominiums must complete a study within one year of registration and the fund must be fully funded by the end of the following fiscal year.

_____________________________________________________________________

for a Complimentary Copy of E-BOOK
“Condominium Ownership and What You Need to Know” contact us
_____________________________________________________________________

How is the condominium run?
A board of directors elected by the owners runs the condominium corporation. The board's function is to manage the corporation. A new requirement will ensure that if at least 15 per cent of the units are owner-occupied, owner-occupants will reserve one position on the board for election. In this way owner-occupants are assured representation on the board.
Major decisions are voted on at owners' meetings. Under the new Act, annual general meetings must be held within six months of the end of the condo corporation's fiscal year to ensure that unit-owners have an opportunity to review the financial statements in a timely manner. Participation in community decision-making is a benefit of condominium living.

If you own a condominium Ontario’s Condominium Act helps to better protect your investment and to improve the day-to-day operation of your condominium.

Condo Information Feedback




  • If you would like to Buy a condo, please fill out the form below to contact for GTA- Realty Agent : Vijay Gandhi
  • For faster service you can call us direct.

Call Vijay: 647-267-6338, or E-Mail
For a complimentary copy of e-book
“Condominium Ownership and What You Need to Know” contact us
Key Economic Points and Housing Forecasts by CMHC for 2011http://wp.me/pS1hn-gY

Housing market stabilizing: CMHC

Click here to see the Active Listings currently for sale in key Toronto GTA neighborhoods.  If you see anything of interest and would like further information or to arrange a private viewing, please call or e-mail us and we'd be glad to provide our unparalleled service to you.
 

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.


Vijay Gandhi is an Re/max Real Estate sales Personnel &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!
Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:
vijaygandhi.com , icxforsale.com & torontomortgagetrends.com
Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!   Variable Mortgage  2.1%   5 Years Fixed  3.49%    Prime   3.00%
*condition apply/sub. to availability
Contact us:
Appropriate expert advice from a Lawyer, Chartered Accountant or Tax Consultant to be /should be sought in regard to capital Gains or any legal, Tax, Financial issues and exemptions and other issues or concerns.
Please contact me should you have a question in this regards for Buying or Selling Real Estate Related matters. *we do not represent builder/s directly.
The information provided in this blog is for information purpose only; Author is not Liable for any Misuse or any other, Use the info on your risk. Please verify the codes from local and federal laws and use right professional advice in any of the matter here above or anywhere in my article.
Author is Licensed Real Estate Agent and Mortgage Agent, and provides service in the respective field only. For other services please consult right professional at your choice.

Vijay Gandhi,
Sales Representative- REALTOR®,
RE/MAX Dynasty Realty Inc. Brokerage*
Mortgage Agent
CENTUM Metrocapp Wealth Solutions Inc., Brokerage*
C: 647. 267. 6338
(Direct-Leave Message or Text)
O: 416.335.4335 | 905.471-0002
(24x7 Page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W: 
 www.vijaygandhi.comwww.gtarealtyagent.com
 www.icxforsale.com | www.condosupermarket.com

“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

Please, forward my name, phone number & e-mail address to your friends, relatives, clients..

2 comments:

  1. When looking for a community to buy a home or condo in there are a great deal of factors that one needs to evaluate.

    Toronto Condominiums

    ReplyDelete
  2. Condominium living is far from renting apartments, it is like a dual nature as just what you said. With that I want to share that at some point Philippine condos for sale is advantageous, especially if you are living or working in the metro. It is the safest place to be.

    ReplyDelete