Down On The Levy

You might think it's an easy move to leave home ownership and buy a condo. With land values, thus taxes, the way they have risen beyond reason, it looks like relief. But condos are complex places to live in, pardon the pun. All the glossy stuff such as granite and stainless steel, marble, hardwood, gyms and pools are not what that kind of lifestyle is all about. And if you think the price you see, is all there is to getting that glassy, flashy joint, beware. The idea that owning a condo is like taking a hotel room and waltzing off to have fun, is not what you may think. Okay, you sign on the dotted line and you move into your much smaller abode. You've gone through the agony of "getting rid of" and now you can sit back and enjoy the easy life. Off you can go south for the winter without worries about home ownership. How I wish it were that easy. Condos are run by management companies hired to see that councils elected by owners, carry out the legal requirements. Condo life is not a simple matter. Your council isn't there to hear your little complaints. They, like you, are owners wanting peace in their lives and that's what management companies are for. They are paid to deal with all that. But there are some sticky elements in condo ownership. First of all, you are one of the owners of the whole property and are thus responsible with others for the whole property. Along the way you have to maintain what you now own and sometimes the monthly fee you pay doesn't cover all the needed costs. Government laws have been made to prevent disasters like what we saw in the leaky condo mess. Laws make sure that you are protected but that responsibility comes with other costs. Your condo building whether it's a ritzy tower or modest old structure comes under the law and the laws are stringent. There are fines for those who try to ignore them. When the roof is bad, you pay extra and it should come out of the contingency funding if you have any. If not, there is a levy. Sometimes these range into the four figure or more amounts if the need is great. Old condos may seem cheap but be sure to check out what has been done or needs doing, regarding all of the structural and servicing things: systems, roofing, cladding, grounds, encumbrances, and more. And now there are added, for our protection we are told, other money grabbers such as fees for Depreciation Reports, CRF or contingency reserve funds, and other inspections and obligations. The levy fee can throw an owner's life into chaos. If your CRF is depleted and won't do the job, there could be an assessment or levy to meet future expenses. If you are ninety, you still have to pay into it, even though you will never see the effects. Your condo bylaws and past minutes should give you fair warning. Read these words very carefully or you could be in for a shock. No longer can we shut the door and call our home sweet homes, our castles. The castle is surrounded by walls of legals.