When purchasing your first condo it is a good idea to know the inner workings of a condo building. Depending on the building windows, decks and pipes may be considered common property.
Condo fees are split into 3 main categories:
1. building maintenance
Maintenance such as: cleaning and repairs come out of condo fees are typically governed by the condo board.
Depending on what the building decides in the begging some utilities may be covered by monthly condo fees.
3. reserve fund
Building the reserve fund is a big priority for all condo boards and as such a portion of all fees are held in reserve for big costly repairs.
Getting involved with your condo board is in your best interest. The board handles the affairs of the building including, but not limited to: repairs, condo fees, addressing owner questions and concerns, future plans etc.
Be aware of the buildings rules surrounding pets.
Condo Buying Secrets
Executive summary about a condo building by Michael Corbett
1. You're not just buying a condo, you're buying a building -- and you want to make sure that it is a healthy building. "I'm talking about financial health. Make sure you and your realtor review the condo building's financials," Corbett suggests.
2. The condo question you must ask before you buy: Has there been any discussion of possible future improvements, changes, renovations, or maintenance or any financial difficulties that would result in an assessment or charges to be leveraged against all condo owners?
3. Check out the parking before you buy a condo.