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Tuesday, April 16, 2024

Never Believe These 4 Money Myths About Your Condo

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People in Toronto opt for a condo for several reasons. Some find it cheaper than a single-family home, some find it convenient, some choose to buy a condo near their workplace and some are attracted to the condo lifestyle. But the prevailing misconceptions about condo prevents people from the decision to buy. Without experiencing the condo-living, they become frustrated by the myths and choose not to stay in a condo. If you are also impacted by these myths then it’s time to dispel because these are true to the words only. 

Let me mention it here for you.

  1. You’re Responsible for All the Repairing in a Condo

When you own a condo, you have the right to customize it to your requirements but that doesn’t make you responsible for all the repairs. You can decorate and set your condo the way you want but the operations that require qualified professional comes under your HOA fees. 

The portion of units that are referred to as common properties are the responsibility of the condo association board. Even if your toilet starts leaking then it’s everyone’s problem. So, instead of doing the job of a plumber or electrician, inform the board and let them do their job.

This comes under the condo fees which you pay as the property maintenance. 

  1. Special Assessment Fees are a Big No
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If you’ve recently picked the best condo from the list of Toronto Condo, this doesn’t free you from the unpredicted repairs that can occur out of the blue. Like in your home the unexpected major repairs can cost your long-term savings, the condo can have the same.

So, instead of living in a condo with a hope that things will keep working well, paying the special assessment fee saves you from prey. The one-time fees will cover whatever repairs are needed in your condo. Therefore, the next time your condo association asks for an assessment fee, say them Yes.

  1. Condo Fees are a Burden  

There are many homebuyers who resist condos because they think that condo fees are an additional burden. When you live in a home you pay for the trash, sewerage, heat, water, cable or Internet. While in a condo you only pay the maintenance fees and you don’t have to clean the pools, mow the garden and clear the floors. Considering this point, condo fees aren’t a burden but a savior to the expenses.

Since there are condos which charge high maintenance fees but this doesn’t make the overall condominiums bad. The tip is here to read the official documents thoroughly. It will help you to know what comes under the fees and what not. 

Don’t think that condo management earns revenue from your fees when they spend the major part in maintaining it.

  1. You’ll Have a Fixed Condo Fee

When you buy a condominium that is under construction or close to end construction you cannot rely on the fees they told you at the time of documentation. Most of the homeowners will never tell you the fixed rate. Even if you buy lofts for rent Toronto, you’ll not be asked for a fixed fee. It’s because the value of a condominium keeps on rising especially when it’s located in an exquisite location.

In case, if a condo plan to expand its amenities then the fees can also vary. So, never set your mind with fixed condo maintenance fees. The upkeep or insurance might take more than you expected. Also the fees don’t cover theft or damage to your individual unit. 

Things to Learn

These conceptions prevent home buyers from investing in a condo. But if you do your homework before buying a condo, you can save yourself from getting into the pitfalls.

In addition don’t believe the false air prevailing about the condo, research before buying and if possible talk to condominium experts. Living in a condo can be cheaper than a single-family home only if you plan it wisely.

So, the next time you hear about these myths, learn the background and the point of truth for it. I hope reading this blog has cleared the air of misconceptions for you, right?

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Inaayat Chaudhryhttps://factsnfigs.com/
Inaayat Chaudhry is an author, digital marketing expert and content developer at Factsnfigs.com. He is also a veteran in the digital field. Inaayat Chaudhry brings over eight years of experience in content strategy and digital marketing analysis in the tech industry to a variety of blogs and articles including factsnfigs and unrealistictrends.com and meny more blogs.

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