If you are looking at new condo developments in Toronto, be sure to understand the essentials. Most people buying a condominium are aware of the fundamentals involving the purchase of the condo and paying monthly dues to cover the maintenance expenses of the building. However, they do not understand the concept of common elements. The types of shared components are one of the crucial aspects to consider when it comes to investing in a condo unit. Read on to learn more about the shared spaces so you can make an informed decision regarding your purchase.
What are the Common Elements in a Condo?
The parts of a condo building that belong to all owners are typically referred to as common or shared space. Lobbies, elevators, corridors, parks inside the compound, locker areas, garages, the roof, and grounds are a few examples of common elements. Even the air conditioning and heating systems, pipes, hot water systems, electrical connections, security arrangements, and lighting fixtures are considered a part of the common elements of a condo complex.
When you are looking at new condos for sale, be sure to ask about these components and how they are maintained. It helps to know that the maintenance, upkeep, and replacement of such elements are typically the responsibility of the condo corporation.
The common elements are of the following types:
- Exclusive-Use Common Elements
There is no particular regulation regarding what components are included in the exclusive-use shared features in Ontario. Generally, the declaration of your condo unit will have the details. They are those parts of a building to which only you or the owners of the adjacent units have access. They include patios, balconies, terraces, front and backyards, parking spaces, and more.
- Restricted-Use Common Elements
These are sections of the building that are occupied by staff and accessible only to them and the contractors. It includes the concierge desk, offices, electrical rooms, technical rooms, and more. Although they belong to you as an owner, these elements are not your concern.
The widely accepted rule is that any feature within your unit is owned by you unless mentioned otherwise in the condo declaration. The common areas for a condo owner may include yards, decks, and more. The maintenance of these common elements must be taken on by the unit owners.
Choose The Davies Luxury Condos for Elegance & Comfort
The Davies is known for providing high-end condos for sale in downtown Toronto. Each unit comes with artfully curated designs and luxury features that are functional and add to the overall aesthetics. We offer well-appointed suites, a sophisticated lobby, landscaped grounds, 24/7 concierge service, and more.
If you are looking at downtown condos available for sale, be sure to give us a call at 416-873-0862. You could also register online with us to get further details. We’ll be happy to help you find the perfect condo unit that meets your needs!