B6 - The Terrace Standard, Wednesday, June 1, 1994

The pleasures and pitfalls of
condominium ownership

The condominium has become
@ popular form of home
ownership, an

alternative to single-family
ownership that allows the owner
to hald title, sell or even rent the
unit if allowed by Strata Council
rules. It is a home style that
reduces maintenance drudgery
while providing security of tenure
and the economic value of equity
appreciation,

While for some condominiums
represent a comfortable compact
‘and convenient lifestyle, it could
prove too limiting and lacking in
many of the freedoms others
have always taken for granted. If
you are contemplating the
purchase of a condominium, in-
vestigate thoroughly both the
pleasures AND pitfalls and
honesily evaluate the restrictions
as well as the conveniences

inherent in a multiple-unit
lifestyle.
Some strata title de-

velopments offer exceptional
recreational and craft areas for
use by owners. Someone who
always wanted a swimming pool in
his back yard but found it beyond
his means, would obviously
appreciate having a share in a
pool to be used by himself and his
coowners in the building. But
potential buyers should
remember that pools, saunas,
exercise rooms, club and cratt
rooms are part of the common
areas that must be maintained by
all owners, and the maintenance
costs will be added to the monthly
charges attached to each unit in
a proportion based on the size of
each unit as a percentage of the
full complex.

A potential buyer who has no
interest in using recreational or
craft areas would be better ad-
vised to seek out a Strata Title
building which does not offer
such facilities so his/her
maintenance fees are not geared
to cover upkeep of a frill that will
not be enjoyed.

f ra " “

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If you have always lived In a
single-family residence, consider
fully the more restrictive lifestyle
that is part of condominium
ownership. Obviously, you won't
be able to practice your tuba at 3
a.m., nor Would your co-owners
be overjoyed to hear loud stereo
musi¢ of raucous parties in the
wee small hours. If you're a
person who wants to vacuum at
midnight, or run laundry or
dishwashing equipment at any
hour, a condominium may nat be
the home style you should
choose. No. matter how goad the
construction, sound-procfing
alone is not a barrier for this kind
of noise and neighbours would be
understandably petulant at your
lifestyle. If your pet is a friendly
St. Bernard, a third floor
apartment is: probably a bad
choice, but if the unit's rules allow
pets, a ground oriented patio of a
townhouse might give your pet
adequate exercise area,

To many people, location is
the most important factor in their
choice af lifestyle. Families will
drift towards complexes that
provide play areas for children
and those located near schools
and recreational facilities.
Couples without children are more
likely to gravitate towards the
kind of development that is closer
to the central city, perhaps one
that restricts children but has
made provision for more adult
pursuits such as hobby and craft
rooms or billiards.

Many retirement complexes
are now located in suburban loca-
tions to offer a variety of
recreation such as tennis or golf.
Again, unless these activities
appeal to you, there is no point
considering such a complex,
where your monthly payment
could include mandatory green
fees or tennis court maintenance.
Condominium ownership provides
title to the particular dwelling unit

6 years
experience in
real estate,

638-1721

brenda erickson

you choose, together with
ownership of a spacifled
percentage of interest in those
elemants termed "common areas"

-- property whose usage Is

shared with all unit owners, such
as lawns, driveways, parking,
laundry rooms, halls, etc. Each
owner pays a monthly charge for
his share of maintenance costs.
Same buildings have one heating

plant that provides heat and het .

water to all units, and some have
individual heating and hot water
equipment in each unit. Potential
owners should investigate
thoreughly just what the unit
charge provides; thera may ba a
vast difference in the levy from
one unit to another because of
services supplied. If your heat
and hot water are supplied as part
of your monthly expense, it will
naturally be higher than if you
sign a separate contract with
B.C. Hydro to cover these
services -- but the two could be
equitable if investigated
thoroughly, so don't make your
cholce simply on the basis of
maintenance cost figures.
Owners are responsible for their
mortgage payments and also for
their municipal taxes, but thay
may also be eligible for home
owner grants which are levied at
the municipal tax level.

In every condominium
development a Strata
corporation, which consists of all
unit owners, is established, and a
Council is elected by owners to
conduct the business of the
Corporation. If you plan to buy in
a building that has been
established for some time, a
Council will already be operating,
but you may be in on the
formation of one if you buy in a
brand new building. Every owner
can run for a position on the
Strata Council, and every unit is
entitled to one vote on new rules
and regulations at the annual
meeting.

experience in
realestate, |

635-3389 .
verne ferguson

REAL

P & D BERFELO PROPERTIES LTD.

General Contractors & Developers
f o TO A , 1. — :

FOR SALE

or BUILD TO SUIT. -—3-—;—
14 - Secluded eee | ca ent

2 Acre Lots In 1
Jackpine Flats

635-3213
635-0833 (Fax) —

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| gone

tite

Quiet area on
dead end road.

635-2274 (Home) __ Well treed lots.

SOCKEYE CREEK ROAD

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OF TERRACE

2 years
experience in
real estate.

635-3833
olga power

} year
experience in
real estate.

635-6236
diana wood

| Thomhill EXC $159,500

HORSESHOE LOTS
In town and near schools,
These R-3 zoned
properties ara just the right
price at $26,500 each
MLS. Call Brenda for more
information,

638-1400 |

EDIT UNION-BUILDING).

4 years
experience In
real estate,

638-0047
steve cook

‘Horseshoe EXC $114,500

Horeshoe EXC $121.50)

Horseshoe EXC $1 98,000

;
E

experiance In
real estate.

635-7068
richard evans

experlence in
teal estate.

wo aM

we uggs ARE ane

635-4773
erika langer

2 years
experience in
real estate.

635-3004
Shella love

~ Horseshoe $189,500

experience in
real estate.

635-2697
Joyce findlay

Thronhill MLS $38,000

r

experiance in
real estate.

638-8882
john evans