There is nothing more exciting than finally buying your first condo. Not only is it a good investment, but it also takes the load off searching for a new home. Now that the property is legally in your name, there are a few things you need to know to ensure that you enjoy your new home. Here are the basics of living in a condominium.
1. Be the Neighbor You Want to Have
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When living in a condo, one of the things you cannot avoid is having neighbors. The rule of thumb for living with other people in the same block is to be the type of neighbor you would want them to be. The basics of being a good neighbor include being reasonable with the noise coming from your condo. Doing simple considerate things can help you cultivate a good relationship with the other tenants. This will make the time you live in the condo a breeze.
2. Renovating Your Condo
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As a new condo owner, you should be provided with the tenant manual. This is a booklet that clearly lays out the rules of living in the property. These rules include guidelines on renovation. You need to know the scheduled times for renovation. This way, you will undertake your renovation without being a nuisance to the rest of the occupants.
3. Maintenance Fees
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The benefits of living in a condo include the facilities it comes with. Some condos have gyms, tennis courts, swimming pools and saunas within the property. While this is a huge benefit to you, it comes at a monthly cost. You will be expected to pay a monthly fee towards the maintenance of these facilities.
Once you have paid your monthly fees, you need to be actively involved in the various projects and follow up on how your funds are used. It is the duty of the management team to offer transparency on how the funds collected are disbursed.
4. Parking Spaces
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In condominium properties, there are usually parking spaces allocated to each condo tenant. If you have a car, ensure you are shown where your parking space is and how many you’re entitled to. Usually, the number of parking spaces you’re allocated depends on the size of your condo.
5. Owning A Pet
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Most condo management teams outline whether or not pets are allowed in the leasing agreement. If the management allows pets, they also have guidelines for keeping a pet in the premise. You will want to train your pet well enough not to be a nuisance to other tenants.
6. The Association Rights
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You automatically become a member of the association once you own a condo. The association is simply a social circle where different condo owners participate in different projects and share the mutual interest in keeping the property in its best working condition. It is a good thing to attend as many association meetings as possible. These meetings are held from time to time and require the attendance of the association members, the developers, and management team. It is a good opportunity to meet your neighbors and learn more about the management of the condos.
You can contact a reliable Toronto condo team for more help to ensure you enjoy your stay in your new home.
