Nowadays, many people opt for the Executive Condominiums over others due to its amazing features. In most cases, when it comes to Rivercove residences price, Most of these EC’s especially the Rivercove residences comes at an affordable price rate and they can be used to house lots of people at a single moment. However, you must meet some criteria before you would be allowed to acquire an Executive Condominium. It is important to understand the whole process as it makes your work much easier.
Renting the Executive Condominium
After purchasing your Executive Condominium, you must follow some rules and regulations before you use them and one of the few things that you must keep in mind is that you aren’t permitted to give the apartment out to another individual during the first 5 years which is best known as the Minimum Occupation Period.
Advantages of purchasing an Executive Condominium
There are various benefits that come with the acquisition of an Executive Condominium. It has features similar to the private condo. In this case, owners have the chance and opportunity to make use of some facilities, and in true fact, these facilities are designed solely for the use of the residents. The people looking to purchase the Executive Condominiums can apply for a housing grant and seek assistance. This is to enable them to get the best deal and offer. You are expected to consider the tips highlighted above to get the best deal and purchase.
A condominium is a building or group of immovable whose ownership is divided among several persons, and comprising private portions and common portions of which each owner has a fraction proportional to the value of his property. What are the advantages and of the condominium at each stage of its purchase and use?
Easier on the budget
For some budgets and locations, buying an individual property is simply impossible. But even for those who have some resources, the condo can be the way to enjoy better facilities. Indeed, an apartment in a building with swimming pool, sauna and/or park can be accessible to a buyer who could not afford to buy a house with all this equipment.
When the building is new, the purchase may have some disadvantages. If the construction site is delayed, which often happens, you may end up moving into a building that is still under construction, in adjacent apartments, or even in common areas. In this case, you have to be patient before you really enjoy the apartment of your dreams!
Being a co-owner means living in a semi-community, for better or for worse. The friendliness and harmony will depend on different personalities and mutual respect. The co-ownership by-law may prohibit certain practices such as noisy work on Sundays and evenings or clutter of the landings. That’s fine, but some of the rules may not be right for you, so it’s best to read it before signing. When certain areas of the condominium are rented to professionals, residents benefit from their services: hairdressers, nursery. Some social and recreational activities can even be organized for seniors or children. Major decisions are taken by the owners gathered in assembly, then applied by the syndicate of co-ownership which also deals with the day-to-day management. This union may be composed of volunteer owners, or the management may be entrusted to a professional union.
In case of repair or improvement work
Aging mailboxes, faulty front door, cleaning the facade needed unlike the individual owner, the co-owner does not need to negotiate with the contractors or make himself available, and the union takes care of everything. The big jobs are expensive but shared between the co-owners in proportion to the value of their property and the use they make of the installation. For example, we do not participate as much in the repair of the elevator depending on whether we live on the first or sixth floor. In addition, the “trustee” can obtain more advantageous rates since the volume of work is greater than in an individual property. On the other hand, it is the majority who will decide on the necessity or not of this work, and it is possible that this decision does not suit all,
Tips and tricks
Before buying in a condominium, find out about condominium fees and check that big jobs have not been voted recently. Once co-owner, get involved in decisions by participating in general meetings. Finally, show both courtesy and tolerance to promote good communication within the condominium.