Condo Ownership in Halifax

I’m Not Old enough for a Condo!

First of all, Don’t be Silly. Condo’s are certainly not just the domain of the elderly anymore… in fact, the majority of today’s new construction Condo projects are being marketed at the Younger, urban professional crowd – those who want the convenience of being downtown, and certainly aren’t looking to spend their weekends cleaning out the gutter or shoveling the walkway. So what are the important parts to know about owning a condo? Read on my friends…

Condo’s come in all shapes and sizes – They look like apartments, townhouses, semidetached homes and even detached homes. The word Condo refers to the group of homeowners (typically) who manage the PUBLIC or COMMUNAL elements of the property.

In an apartment building, this is things like the laundry room, the garage, the grounds, the outside walls, windows, roof, siding etc.

In a townhome or detached home concept, this typically means all the streets in the complex, the grounds at the front of each property, the communal grounds, the parking lots, maybe the driveways and all the exterior walls, roof etc.

Each Condo will typically have a Condo Corporation with a board of directors who decide how the collective monies (condo fees) will be spent to maintain the building(s) each year.

You will have to pay Condo Fees to these people on a Monthly Basis. What you get for your money is:

Maintenance of the exterior of the building
Maintenance of the grounds
Snow Shovelling
Lawn Mowing
SOMETIMES – Heat, Hot Water, Lights or any combination of these (check with your realtor BEFORE you purchase)
SOMETIMES – a parking space (often times this will cost extra)
The Right to complain to these people!

You Still own your piece of the PIE! Although there are some bylaws that govern the usage of the units within the condo (often relating to things like Pets, the removal of walls or major renovations etc), you still own the inside of your unit! You may Paint, decorate, refinish, retile what ever you wish without the permission of a landlord as you would have as a renter. In fact, it is a good idea because you still control the price that you will eventually sell this condo for!

Want to Know More about Condo’s? Go to www.HOMESINHRM.com and click on CONDO to learn more about condo projects that are planned for the HRM in the next couple of years.