• Condominium living is different from owning or renting a detached house, townhouse or apartment because condos have a dual nature. Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium.
• There are many advantages to condominium ownership. It may be less expensive than other types of home ownership. It can provide an “instant” sense of community. While someone else is shoveling the snow, you can participate in community decision-making.
• But condominiums are not everyone’s cup of tea. Condominium corporations may set restrictions on such things as owning pets or having an outdoor barbeque. 

Advantages

• You will be responsible for little or no exterior maintenance or repairs.
• Many condominium communities offer amenities (pools, play areas, tennis courts, etc.) you may otherwise not be able to afford.
• Condominiums are often located in locations convenient to centers of employment and shopping. 
• Condominiums are often more reasonably priced than other forms of housing.

Disadvantages

• You will be responsible for payment of Condominium Association fees.
• You give up more privacy when compared to single family homes as well as townhouses.
• You only own from your interior walls inward. The rest of the structure and all of the land is owned in common with the other condominium owners.
• When it is time to sell, it can often take longer to sell a condominium.

How is the Condominium Run?

A board of directors, elected by the owners, runs the condominium corporation. The board’s function is to manage the corporation. The requirement ensures that if at least 15 per cent of the units are owner-occupied, one position on the board is reserved for election by owner-occupants. In this way, owner-occupants are assured representation on the board.

Major decisions are voted on at owners’ meetings. Under the act, annual general meetings must be held within six months of the end of the condo corporation’s fiscal year to ensure that unit owners have an opportunity to review the financial statements in a timely manner. Participation in community decision-making is a benefit of condominium living.

Reserve Fund Studies

A condo corporation must maintain a reserve fund for the sole purpose of paying for major repairs and replacement of the corporation’s common elements and assets. Corporations are required to conduct a reserve fund study to determine whether the fund will cover these costs. Once the study is done, the board proposes a plan to ensure the reserve fund is adequate. All owners must be given a notice containing summaries of the study, a plan and a statement indicating any differences between the two.

The normal day-to-day maintenance of the grounds (some examples are cutting the grass, shoveling snow and maintaining the pool) are also the responsibility of the association. Interior maintenance and repairs (for example, replacing a dishwasher) are the responsibility of the individual owner.

In some areas, a condominium may be the only consideration that fits within your budget. The reason for this is simple. In general, the same square footage will cost less in a condo setting than it will in a single family home or townhouse, due mainly to land cost--you can build many more condos than you can single family homes on the same amount of land.