Arrive Informed About Condo Living

Partners Development Group, Arrive, multi-family, townhomes

WELL-MANAGED TOWNHOME COMMUNITY ADVANTAGES :

Many buyers may be wary of purchasing properties that have monthly condo fees. They may look at it as just another monthly payment, and may miss the big picture of how condo fees can benefit them. Some buyers may view condo associations as restricting because they may control the color that your paint your home or the type of mailbox you can have, but in actuality, these regulations often protect the value of your home. Condos and townhouses commonly have condominium fees associated to living in the condo community or building. While every buyer should weigh the cost of the fees and what is included, here are some common benefits of a condo association.

MAINTENANCE

Every property requires some type of maintenance and buyers spend good money on maintaining a home or condo. The number one reason people purchase a condo townhome has to do with maintenance. All condo townhomes require you pay a monthly fee which covers some sort of property maintenance. Depending on the development, things such as lawn care, gardening, snow removal, painting, street cleaning, roofing, and all common areas could be maintained by the condo association.

Maintaining a home is one of the only negatives of homeownership, so a townhome purchase could relieve your worries of major maintenance issues. Be sure to check with the condo association bylaws about what they will maintain as part of the developments.

COMMON AREAS

Common areas and amenities provided by a townhouse development can be a major draw when home shopping. Once considered extras, the many amenities you see in today’s real estate market are considered the basics for a good condo development. Things like parks and playgrounds for children are now the norm.

COMMUNITY LIVING

When you live in a townhouse condo complex, you will naturally meet more people. Since units are close together and there are common area green spaces like the playground & parks you will have plenty of opportunity to meet your neighbours.

THE BYLAWS

Living in a townhouse condo development provides the perks of having an association who enforces certain rules. The rules passed by the association must be followed by all inhabitants of the development. Things such as a well-kept yard, noise ordinances, parking unsightly vehicles, and keeping the peace can all be handled by the board. This is a huge benefit to keeping your property’s value protected.

If you’ve ever lived in a neighbourhood with difficult neighbours, this could be a definite perk to living in a townhouse development. If a neighbor is breaking the association rules, you can report them to the board and have it cleared up without getting involved.

A condo board is usually voted on by the members (or homeowners) in the association. You have a vote and a say in what goes on in the association, so if you don’t like something you can lobby the association members to vote on the issue. You can also run in the yearly elections to be on the board. It’s important to participate in the condo’s annual general meetings in order to have a voice in any community changes and enforcement of regulations within the community.

COST OF HOMEOWNERSHIP

Due to the “great recession” homeownership has become a lot more affordable and the most affordable homes on the market are usually condos. The reason is because of the way the properties are setup. Each townhome condo shares at least one common wall which makes construction less costly. If you’re looking for a cheaper alternative to a single family property, a townhome condo is a great choice.

INSURANCE

Insurance coverage is an advantage that condo owners reap the benefit of from their condo fees. Insuring the buildings, including the liability and with insurance off the list of things to deal with, owners have one more thing to rely on their well-managed condo association for.

PROPERTY REPAIRS AND LARGE EXPENDITURES

The condo fees contribute towards a reserve account for future improvements or to repair unexpected damage not planned for in the annual operating budget. An example of this would be if a natural disaster damaged the property and the roof needed to be replaced. This reserve account gives homeowners the security that the property will remain in good shape and the repairs will be carried out in a timely manner. This provides the whole community a sense of security and may save them money in the long run.