3 Things You Must Know When Buying a Condo

If you’re thinking of buying a condo, there are Strata Bylaws governing the management and operation of the strata property. The Strata Property Act, legislation for British Columbia, requires all Bylaws be registered at the Land Title’s Office.

Buying a Condo

Bylaws

Some Bylaws detail how the strata council is formed, the number of required council members and the responsibilities they have in managing the interests of the strata property. Other Bylaws deal with:

  1. Restrictions on pets, age or rental units
  2. Types of window coverings
  3. Use of bbq’s

In order for a Bylaw to be added, amended or repealed, the proposed change must receive approval of ¾ of the owners in attendance at either an Annual General Meeting (AGM) or a Special General Meeting (SGM). If ¾ of the owners in attendance do not approve it, the Bylaw is rejected. If the owners approve the change, the Bylaw must be registered at the Land Title’s Office to take effect.

Condo rules

Rules don’t need approval of ¾ of the owners, but can be implemented by the strata council at any time. They remain in effect until ratified at the next AGM with a simple majority vote. Or, if a rule is not ratified, it is defeated and is no longer in effect. Rules don’t have to be registered at Land Title’s but must be provided to each owner, in writing. Examples of rules are:

  1. Quiet hours – no noise after 10 p.m for instance.
  2. Use of amenities such as guest suites, fitness rooms.
  3. Where smoking is/is not permitted.
  4. Use of the parking area.
  5. Move-in or move-out procedures.

By-laws and Rules aren’t easy to change, so be sure you’re comfortable with them before committing to the purchase and moving into the property. Don’t assume you can move in and have them changed just because you don’t like one of them, as you may face opposition from your new neighbors.

Condo strata fees

This is another consideration when buying a strata unit. The monthly strata fees can pay for the costs of common area utilities, maintenance and repairs, insurance, taxes, property management and more.  They are based on an annual budget approved by the owners at the AGM each year and by the requirements of Provincial Legislation requiring a Contingency Reserve Fund.

Always review the budget for the current year so you know exactly what your fees are covering – sometimes they include items such as gas for your fireplace, heat for your own unit (in-floor radiant hot water heat for instance), and more rarely, cable tv/internet.

The Bylaws, Rules and Strata Fees should be factored into your decision BEFORE you complete your purchase. They can not only affect your lifestyle, but the added financial obligation you have to the strata, in addition to your mortgage or other financial commitments, can be taxing if you’re stretched too thin. Think carefully and make the best decision for your own personal situation.

If you’re thinking about buying a Condo call RE/MAX of Nanaimo at (250) 751-1223 to guide you in the purchasing process.

From RE/MAX of Nanaimo’s humble beginnings, to the market-dominating business it is today, the company continues to grow and adapt to suit client and agent needs. Some things, however, never change. Our commitment to service, ethics, and continual education means that our clients can benefit from the knowledge and experience of Nanaimo’s top real estate professionals, while our REALTORS® benefit from a working environment that supports their professional and personal growth.

This entry was posted in Tips and tagged , on by .

About REMAXofNanaimo

From RE/MAX of Nanaimo’s humble beginnings, to the market-dominating business it is today, the company continues to grow and adapt to suit client and agent needs. Some things, however, never change. Our commitment to service, ethics, and continual education means that our clients can benefit from the knowledge and experience of Nanaimo’s top real estate professionals, while our REALTORS® benefit from a working environment that supports their professional and personal growth.