HERE’S WHAT YOU NEED TO KNOW BEFORE YOU BUY
Learn about what you actually own, how condos are managed, and how buildings change over time.
WHAT IS A CONDO?
A CONDO ISN’T JUST A HIGH-RISE
A condo refers to ‘stratified property’ and means you own your unit (your strata lot) and shared ownership of the ‘common property’ including the land, and shared areas like the lobby, hallways, and amenities.
Stratified properties can be high-rise towers, townhouses, or duplexes.
WHAT DO YOU ACTUALLY OWN?
WHAT’S YOURS VS. WHAT’S SHARED
You own your unit and your proportional share of the common property, and share the common expenses and liabilities.
Your monthly fees cover the operating expenses for the building. This includes cleaning and maintaining shared areas, repairs to the building’s structure or systems, and property management.
Your share of interests in the common areas, and also your share of operating expenses is based on your unit entitlement.
WHO RUNS THE BUILDING?
THE STRATA CORPORATION & COUNCIL MEMBERS
All owners are members of the Strata Corporation.
They elect a Strata Council to govern the building.
The Council handles decisions like:
- Proposing budgets and special levies
- Repairs and maintenance
- Rules enforcement
HOW DO CONDOS AGE?
WHAT HAPPENS TO A BUILDING OVER TIME
Buildings need to be maintained and can require substantial repairs and upgrades as they age.
Planning ahead (and budgeting properly) is key to protecting your investment
