Thursday, June 13, 2013

Home Maintenance: Condo vs Home

It does not matter what type of property you own, it will require maintenance at some point or another. However, the type of maintenance that each type of property requires is different. While a house gives complete ownership of the structure and the lot it is constructed on, a condo works differently.

Condos that are part of Ottawa real estate involve different types of housing styles. These include townhouses, apartment style buildings and single family homes built on shared lots. When you own a condo, you get ownership of everything that is inside your front door. However, the grounds, elevator, pools, hallways, club houses and parking lots are the responsibility of the condo association.

When you own a house there are different types of maintenance that are your responsibility. If you want to make changes to the structure of the house, modify the plumbing, add some light fixtures, change the flooring or add a new roof, you will have to hire a contractor to do so. If you have just bought a resale home in Ottawa  than there are many maintenance costs that you have to look into. You might also need to change a lot of things because they are old.

A condo may not be the same as a house, but it is much better than living in an apartment and paying a monthly rent to the landlord. The condo is your property. You make monthly mortgage instalments to own the property. You do not have to worry about the grounds, parking lot or the pool. The monthly condo association fee takes care of all these things without bothering you. The fee will cost you much less than it would cost you to maintain a house and pay the home owner’s association charges.

It is however your responsibility to maintain the flooring, roofing, plumbing and other such things within the condo. It is important that you treat the condo just the same way you would treat your home because you are investing your hard earned money in it.

The rules and regulations that are set by your condo association are important to follow. You have to be careful about the number of people residing in the condo unit and at the same time you have to follow all the rules when using the common property of your condo.

Even though maintaining a condo is much easier than maintaining a home, it is a good idea that you check with the Condominium Corporation about all the rules and regulations that apply. Your Ottawa real estate agent can help you understand about all the maintenance costs and procedures in detail.
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