Three things new condo owners need to know about Common Elements
One benefit of living in a condominium is the low maintenance lifestyle. No need to worry about tasks such as mowing the lawn, weeding the garden or power washing the driveway. However, this does not mean you can ignore the common elements of your building altogether.
Know your common elements
Common elements are the shared spaces in and around your condominium building that are owned collectively by all owners in the building. Essentially they are all the areas outside of your suite. Common elements may include:
Walkways and steps to building entrances
Utility systems (heating, cooling, electrical, security)
Fitness rooms and pools
Condo owners typically have “exclusive-use” rights to thier common elements. These elements may include spaces such as patios, balconies or parking spaces. These areas are common elements to which only the owners whose units are adjacent to them have access.
If you are unsure where your unit’s boundaries end and common elements begin, refer to your Disclosure Statement or your registered Declaration and Description.
Each owner in your building is responsible for paying a percentage of the costs associated with maintaining and repairing the common elements.
Know your condominium fees
Each owner in your building is responsible for paying a percentage of the costs associated with maintaining and repairing the common elements. These monthly condominium fees are usually based on the square footage of your unit. They are also separate and in addition to your mortgage payments and property taxes and will need to be considered carefully to understand your total monthly housing costs.
Monthly condo fees cover the costs associated with regular maintenance of the common elements such as landscaping, garbage collection and recycling, exterior window cleaning, snow removal, common-area carpet cleaning and utility fees.
Condo fees also cover the costs of repairs and replacements of the common elements. A portion of your monthly condo fee will go toward your building’s reserve fund that will help pay for any unexpected costs. However, in extreme cases, additional monies will need to be collected from owners.
To understand what your condo fees cover and the amount you pay each month, be sure to review the Disclosure Statement.
Know your warranty coverage
Both the units and the common elements in a condo project may have warranty coverage under the Ontario New Home Warranties Plan Act. Unit owners can make warranty claims to Tarion relating to their units, and the condominium corporation can make warranty claims relating to the common elements.
Interim occupancy starts when you move into your unit and ends when you become the registered owner. This timeframe can vary greatly in length from one project to another. Warranty coverage on your unit begins when you take interim occupancy of the unit.
During your interim occupancy period before registration, the rest of the project may not be finished. This period is a time for your builder to complete construction of the common elements and the remaining units in your building. Warranty coverage for the common elements does not begin until the condominium project is registered, so warranty coverage will likely not have commenced during your interim occupancy period.
Even without an active warranty, your building should still be safe for you to live in. So, if you have a concern about the common elements that you think requires repair, report it to the property manager, who can contact the builder. Shared spaces such as common elements can be tricky to navigate for new condominium owners, especially if condo living is new to you.