As both a condo owner and former council member, I have learnt a lot about condo living over the last decade. I noticed people definitely have some misconceptions about condo living. Some of them could be very costly! Let’s debunk them.
The Building’s Insurance Covers Everything
This is is by far the biggest myth around. Your belongings, furniture and appliances will never be covered, as well as any improvements/upgrades you or a previous owner made.
Most corporations also have a deductible to lower premiums. If you cause significant damage to common property or to another unit, and the corporation has to file an insurance claim, Council has the right to charge the deductible back to you.
Take your building’s insurance document to your own insurance broker, so that you can have the adequate coverage.
The Corporation Will Fix Everything
This is very unlikely. Both owner and strata/condo board responsibilities are spelled out in the by-laws. Check them!
Usually, the strata/condo board is only responsible for maintaining and repairing common property, and limited common property, to a certain extent.
It’s My Unit and I Can Do Whatever I Want
This line of thinking could be very costly . The key work in strata/condo living is “communal”. There are by-laws and rules you must follow.
You will also need authorization from Council if you want to do any renovations such as changing the floors or taking a wall down. You will also need approval if what you want to do impacts the common property.
Failure to do so could result in Council asking you to restore the property to its original state, and fine you until you comply.
My Unit Has 2 Parking Stalls and I Can Rent Them Out
Do you have written confirmation from Council? Have you checked the by-laws and rules? Since 2014, Form B requires all strata corporations to disclose parking and storage allocation.
Of Course, I Can Park Wherever I Want To
No, you can’t! See above point.
Council Will Give Me an Exemption, If I Did Something I Shouldn’t Have
Council/condo board can only grant exemptions as stated in the by-laws and rules.
If a Special Levy Has a Surplus, I Will Receive a Refund, Even if I Sold my Unit.
Reimbursements are made to the current owner of the unit.
I am Selling My Unit; I Don’t Have to Pay for This Special Levy.
Yes, you do! Approved levies are always payable. If you sell, you have to pay to pay at the time of conveyance.
You could be charged interests and council can also put a lien on your unit, or refuse to release form F, which you need to be able to sell your condo in British Columbia.
Of Course, Pets Are Allowed
Have you checked the by-laws?
Final Word
When it comes to condo living, never assume anything or go by hearsay. Always get everything in writing and check the current by-laws and rules. It will save you a lot of headaches…and money.
The Money Savvy Blog 