When purchasing a condo, knowing what your condo fees are and what they include is extremely important. While low monthly payments are appealing, you should probably be wary of buying into a condo corporation with very low condo fees. Why do I have to pay condo fees? Your condo corporation is responsible for setting an annual operating and maintenance budget and your condo fees fund these expenses. The fees collected from you are to cover costs for your own unit, as well as a portion of your complex’s shared space. This means your condo fees will likely be higher if your unit is larger (you might pay more than your neighbor depending on unit factors), and if your complex has amenities like an elevator, underground parking, pool, fitness centre, party room, etc., your fees will be higher to maintain these as well. If your building is older, more money may be needed for regular maintenance and repairs – just like a homeowner would need to spend more to maintain an older ...
Buying a condo? Make sure your furry friend is welcome too!
If you’re looking to buy a condominium for you and your furry friend (or think you may want pets in the future), it’s important to know the rules about pet ownership before making an offer on any specific condo unit. While some condos don’t allow pets at all, there are many pet-friendly condos in Alberta. But even these will have very specific bylaws governing pet ownership and the presence of pets on common property. No matter how big or small, furry, feathered, or scaled, caged or leashed, you need to know what bylaws could affect you and your pet before buying your new home. Restrictions vary greatly from condo to condo, often placing limits on the weight, size, and number of pets permitted in each unit, as well as the types of pets – not just cats and dogs. Oftentimes the allowance of pets is also subject to “approval of the board”, so if you find a condo you love, you’ll need to talk to the board of directors or property management company to ensure your pet will receive ...