Now that you are in the market for a condo or townhome, it is important to understand strata fees and the homeowner benefits.
Plan Your Finances and Stay Informed
The strata fee is a regular monthly expense you share with everyone in your building, find out the payment date and plan your finances accordingly. For new builds, the strata forms at completion when a move-in date is assigned, at that time the fees will be locked in for a year. After a 12-month period the strata council can reexamine and propose a change to the monthly fee that considers proper maintenance and care of physical assets and long-term planning such as a building’s contingency fund. Stay informed by reviewing meeting minutes, attending annual general meetings and using your property manager as a resource.
Protect Your Investment, Become A Member
Becoming a member of your strata council can be a smart way to help protect your investment. There are many benefits to being a strata member including driving engagement in building issues, general upkeep and ensuring proper budget spend. Know your commitment and role as a representative on strata council – you can volunteer to be President, Vice President, Secretary, Treasurer or “member at large.” Review your building’s by-laws, as a member you are responsible for making an objective decision for the community. The property manager will also consult on governance and administration.
Strata Fee Line Items: Amenities to Maintenance
Besides the great floorplan and neighbourhood, another strong deciding factor for home buying are the exciting amenities covered under your strata fees. Review your family requirements and budget, then identify the important elements for your lifestyle. A bike and car share program may be top of your checklist. If you like entertaining, consider a home that offers an outdoor patio or social room with kitchen to host larger parties. Enjoy activities at your leisure whether it’s playing a game of squash, hitting the bowling alley or participating in a pick-up game of basketball.
Developers are catering to residents’ needs with private garden plots and guest suites available for out of town visitors. Imperial, crafted by Amacon and located in the heard of Metrotown, incorporates their “Live Well, Work Well, Play Well” design with two levels of amenities including a dining and social hall with courtyard, games room and a separate yoga/dance studio from the fitness centre.
As a homeowner your access to personal services, common spaces and shared activities can be a time and money saver. Ask your sales representative about the strata fees and line items, learn about the essentials such as shared utilities and air conditioning, and special features from concierge to fitness centre.
