Spring is starting to bloom and many prospective house hunters are starting to prowl the neighborhoods in search for “the one”.
If you’ve ever thought about buying a new townhouse, apartment style condo or high-rise – you’ve probably run into the concept of a strata corporation. What does that really mean for the home owner though – and is it right for you?
This is by no means a comprehensive guide, just a few things to chew on if you’re considering buying into a home that has a strata corporation attached to it.
First of all, a strata corporation is not an arms length organization – it is made up of the owners – of which you’ll technically be one. Several residents are elected to manage the business of the strata on behalf of all owners. This includes paying bills, collecting fees, handling repairs and dealing with any issues that may come up.
Before we get into it, let’s talk strata fees. Some people look at these fees as paying “rent” on top of owning property. In reality, they’re so much more.
Story via the www.realestaterookie.ca