The low-maintenance lifestyle is among the best advantages of condominium living. There is no need to mow the grass, cultivate the garden, or power-wash the driveway. Yet, this does not mean that you can completely disregard the common aspects of your structure.
Most condominium owners are aware of the rules surrounding condo acquisition and payment of monthly maintenance fees. Yet, they can not comprehend the notion of common elements.
The types of shared components are among the most important factors to consider when purchasing a condo unit. Read on to discover information about the common element in a condominium building to make an educated buying decision.
Common Elements in a Condo
Common or shared spaces often refer to the sections of condominium buildings that belong to all unit owners .
Common elements include lobbies, corridors, elevators, parks inside the property, locker areas, the roof, garages, garbage rooms, and the grounds.
A condo complex common features include air conditioning and heating systems, pipelines, hot water systems, electrical wiring, security procedures, parking lots, and lighting fixtures.
While searching for new condos for sale, inquire about these features and their maintenance. Further, note that the condo corporation has the responsibility for the upkeep, repair, and replacement of such common areas and elements.
The common element types are as follows:
1. Exclusive-Use Common Elements
In Ontario, no rule specifies which components are part of the exclusive use of common elements. Typically, the details of exclusive use elements will come included in the condominium’s declaration.
Moreover, the exclusive use of common element areas of a building to which only the owners and other adjacent apartment inhabitants have exclusive use access. These consist of patios, terraces, balconies, front and back yards, and parking spaces.
2. Restricted-Use Common Elements
These sections of the condominium are inhabited by workers and accessible solely to them and the contractors .
It consists of the concierge desk, electrical rooms, offices, and technical rooms, among others.
Even though you are the owner of these condominium elements, they are not your responsibility.
Unless stated differently in the condo declaration, the generally accepted norm is that you own all features inside your unit unless otherwise stated in the condo declaration. Condominium common areas could include yards, decks, and more. Unit owners are responsible for maintaining these common elements.
About The Common Expenses
Condominium owners pay maintenance fees, often known as common charges, for the upkeep of the common elements.
In certain buildings, common expenses are divided evenly among each unit owner, and in others, fees are established on a percentage basis (proportioned so that the owner of a larger unit pays a greater proportion of the common expenses).
Also, condo fees cover the expense of replacements of common elements. For instance, a percentage of your monthly condominium price will go towards the reserve fund of your building, which will help cover any unforeseen expenses.
But, in exceptional circumstances, condominium units residents will be asked to pay extra fees.
If you’re unfamiliar with condo living, it can be difficult for a new condo owner to understand the common elements. So, you must contact the agent if you have questions or want further information.
Thus, while the specific features of a condo might vary depending on the condo complex, these common elements help establish the living experience in a condominium and provide tenants with various perks and facilities that can improve their quality of life.
For more information, visit Precondo.ca