Through years of experience in helping condominium buyers, we've noticed a huge trend in some major misconceptions that often come up, while we always educate our clients throughout the process, we hear many stories of buyers who simply aren't informed, and are faced with major shocks and decisions in Condominium ownership.
We've compiled a list of 10+ misconceptions in owning a condominium.
1. The Condo Board covers the large expenses and fixes (Not you the owner)
As an owner of your unit, you are actually part of the ownership and interest in the entire building, you may not hold a role on the board (like the treasurer) however, you do retain ownership in the building. As part of your monthly condominium fees, your funds contribute…