Limited common property is possessed by everyone in the building and generally comprises places for example: reception, facilities, parking (using the exception of individual booths), halls, lifts etc. Essentially common property is anything outside of your suite. Some common buildings can contain windows and conduits as common property. Common property is frequently kept by means of a property manager or condo board and is funded by condo fees.
Condo fees are the upkeep of the building and common areas together with a reserve fund (used for substantial improvements or repairs, including new roof, lifts etc.). Most condo fees will even go to cover all or at least a sizable bulk of utilities (heat, water, electricity). Each building may work otherwise; yet, most condo fees are derived from the square footage of the unit.
Condo levy can strike fear in the hearts of condo owners. A levy is a compulsory fee of x level of dollars to each owner in a building and is done when major repairs or renovations must take place (or a voted upon) that cost more the reserve fund can manage.
A condo board is several owners that act for the building at large to handle the state of the building along with financing, future jobs and concerns of other owners. Structured as a corporation there’s a president, vice president, secretary etc.
Frequently time’s Hougang EC condominiums are bought as an easy method of investment. That is an effective method to extend a financial portfolio. Be sure to look over the condo’s policies on renting your suite as well all relevant laws and bylaws regulating both the building and renters act locally.