One of the biggest perks in choosing condo living is having access to common property. These common areas create a sense of community between units and help to create a low-maintenance lifestyle for both you and your neighbours. Let’s explore what common property means and what's generally included.
What is Common Property?
Common property is property all condo owners in your development share. This means you and your neighbours own these spaces equally and are to treat it as shared space.
What is Limited Common Property?
Limited common property is slightly different because it is limited to specific units. Just like common property, limited common property is owned by all condo owners but these areas are used by a select few or an individual unit. An example of this would be your unit's balcony or a patio shared with three other units.
Who Manages Common Property?
Common property is managed by an elected council or condo board. These appointed members deal with common property projects which include maintaining these areas using funds collected from condo fees. Committees also manage the details of specific common areas and plan for repairs or certain ventures the condo board would like to pursue.
Unit owners must also manage these areas by being respectful and ensuring they remain a clean, welcoming place for all members of the community.
What Areas Are Considered Common Property?
As mentioned above, patios and balconies are an example of limited common property. Balconies off individual units are limited common property because they are designed for your personal use. However, your balcony also contributes to the overall appeal of the condo building making it the responsibility of the condo board.
This ultimately means the condo board would be in charge of your balcony's maintenance should anything happen. Patios are often shared with multiple units but are still considered limited common property because they aren’t shared between the whole building.
For those who regard fitness as an essential part of their lifestyle, having a fitness room is a huge benefit. It's also a huge perk to have this regarded as common property as the board is responsible for fixing or replacing equipment. This leaves you to enjoy a worry-free workout and potentially huge savings on a gym membership. An added bonus is sharing this space with your neighbours instead of strangers.
A parking garage is a mix of both limited and common property under one roof. Your individual stall is considered limited common property, but the rest of the garage is seen as common. The nice part about this is, should you have a common concern such as someone parking improperly, it’s your condo board's job to keep them in check.
This is the first place someone would see when entering the condo building. So you can bet the condo board would want to keep this area looking flawless. This area also sees a lot of traffic so it's a nice addition to have someone else keep on top of it.
The convenience and value common property brings to a condo community makes it easy to see why people appreciate the condo lifestyle. Not only does common property take the thought out of maintenance, but it gives residents a sense of community. After all, enjoying and maintaining these areas is the neighbourly thing to do!