Download the Minto Home Care Guide - Condo

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The unit owner may be responsible for insuring:
• Personal property contents such as appliances, furniture and jewelry,
and items stored in lockers
• Improvements and betterments made to the unit (i.e., fi nishing
a basement, installing new cabinets)
• Personal liability
Maintenance Fees
Also referred to as common area expenses, maintenance fees are a monthly
charge (your share) for the utilities, regular upkeep, management, administration
and insurance for the common element areas. The fees vary according to project
and home size. Each homeowner’s portion of these expenses is set out in the
budget statement, which lists the percentage for which each unit is responsible.
Your maintenance fees should not be a mystery. It is important to know that
altogether, you and your neighbours help manage the community you live in.
Condominium Reserve Fund
The purpose of a reserve fund is to provide fi nancing for major repairs and
renewal projects over the life of the condominium building. The fund essentially
ensures that the condominium common elements will be maintained in good
shape for the life of the project. The amount required to be in the reserve
fund depends upon the condition and life expectancy of all of the common
elements in the building and the estimated cost to replace them over the life
of the project. The amount each unit owner is required to contribute to the
reserve fund is determined by estimating what would have to be set aside
on a monthly basis to cover the long-term costs.
You do not want to move into your new home only to discover that the
reserve fund is under funded and major repairs are required. This could
mean a signifi cant increase in condominium fees or the levying of charges,
commonly known as special assessments, to the unit owners by the condominium
corporation to pay for the needed repairs. Ensure you obtain and
review either the disclosure statement or status certifi cate to determine
the current state of the reserve fund.