Condominium
What is a Condominium?
A building or complex in which units of property, such as apartments, are owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners.
Things to be aware of when buying a Condo:
Purchasing a Condominium you need to be aware of two parts. First the actual living space, such as an apartment. Second, you need to be aware of the common area and what it may consist of. The common area may consist of lobbies, hallways, elevators, recreational facilities, walkways, or gardens.
The ownership and cost to maintain the common areas is usually shared by the individual owners of (units) apartments within the building complex.
Every unit owner has an interest in the common area. This ownership interest is usually refered to as "Condo Fees"
These fees are calculated in proportion to the value of that unit in relation to the total value of all the units within the condominium corporation. Your fees are a percentage of the total costs. Hence your "Condo Fees"
A condominium corporation is generally elected by the individual condominium owners to make up a board of directors for management of the corporations business. Each Condo owner has voting rights at meetings.
When you purchase a condominium you own your apartment and a percentage of the common area, each individual apartments common area ownership will vary.
A condominium owner usually has the right to use one or more parking spaces and storage areas, although you may not own those spaces.
Structual elements and mechanical and electrical services can be considered part of the common property, you will need to clarify this on an individual basis.
Balconies, parking spaces and storage lockers, driveways and front and rear lawns are examples of "exclusive use common property elements" It is important to be aware of any of the costs involved in these area and the ownership.
You want to be also aware of any restrictions, such as being able to park a boat or RV in your assigned parking space.
There may also be restrictions on what you can place on your balcony, such as a BBQ or Air Conditioner.
Every Condominium is governed by its own unique rules, regulations and bylaws. Condominiums may have restrictions on alterations to the units space, the exterior doors may all have to be the same colour. you may have to get special permission form the board of directors to install a satellite dish.
Condominium owners need to be aware of attending condominium meetings and possibly to serve on committees.
You should be aware of the specific rules and regualtions and "Condo fees" and responsibilities of being a condo owner. The rules of the condominium should be available from the vendor, the property manager or the Board of Directors.
Many condominiums buyers purchase their units as investments with the intent to rent these units out. You should confirm that this is allowed through a review of the condominiums governing documents.
Search for Condominiums For Sale in Greater Victoria
Condominiums available For Sale in Central Saanich
Including Brentwood Bay, Inlet, Island View, Keating, Martindale, Oldfield, Saanichton, Tanner, Turgoose, Willis Point.
Condominiums available For Sale in Colwood
Colwood Corners, Colwood Lake, Gravel Pit, Hatley Park, lagoon, Latoria, Sun Ridge, Triangle, Wishart North and South
Condominiums available For Sale in Esquimalt
Esquimalt, Old Esquimalt, Kinsmen Park.
Condominiums available on the Gulf Islands
Condominiums available For Sale in Langford
Atkins, Fairway, Florence lake, Glen Lake, Goldstream, Happy Valley, Humpback, Jacklin, Langford Lake, Langford proper, Luxton, Mill Hill, Theitis Heights, Walfred.
Condominiums available For Sale in North Saanich
Airport, Ardmore, Bazan Bay, Coles Bay, Curteis Point, Dean Park, Deep Cove, Lands End, McDonald Park, Sandown, Swartz Bay.
Condominiums available For Sale in Oak Bay
Estevan, Gonzales, Henderson, North Oak Bay, South Oak bay, Uplands.
Condominiums available For Sale in East Saanich
Arbutus,Blenkinsop, Broadmead, Cadboro Bay, Camosun, Cedar Hill, Cordova Bay, Gordon Head, High Quadra, Lake Hill, Maplewood, Mt Doug. Mt Tolmie, Quadra, Queenswood, Sunnymead, Swan Lake, Ten Mile Point.
Condominiums available For Sale in West Saanich
Beaver Lake, Elk Lake, Gateway, Glanford, Gorge, Granville, Interurban, Marigold, Northridge, Portage Inlet, Prospect Lake, Royal Oak, Rudd Park, Strawberry Vale, Tillicum, West Saanich.
Condminiums available For Sale in Sidney
Condominums available For Sale in Sooke
Becher Bay, Billings Spit, Broomhill, East Sooke, French Beach, John Muir, Jordan River, Kemp Lake, North Sooke, Otter Point, Point Renfrew, Saseenos, Sheringham Point, Sooke River, Sooke Village Core, West Coast Road, Whiffin Spit.
Condominiums available For Sale in Duncan
Chemainus, Cowichan, Crofton, Duncan, Ladysmith, Saltair.
Condominiums available For Sale in Victoria
Maplewood, Burnside, Central Park, Downtown, Fairfield, Fernwood, Hillside, James Bay, Mayfair, Rock Bay, Rockland, Sears.
Condominiums available For Sale in Victoria West
Songhees, Vic West.
Condominiums available For Sale in View Royal
Glentana, Hospital, Prior Lake, Six Mile, View Royal.
Contact me for more information on Condos available within the Greater Victoria area.
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