For those of you that live in a multi-unit residential building with a single meter, you should have been advised by your management company that Ontario Hydro along with the ministry of finance is offering to waive the DRC off of your hydro bill. All you have to do is apply. This could mean between $5 – $10 per month per unit savings, depending on your consumption. Contact us for more information.
How do you choose a qualified property management company. Someone once said years ago, “there are over 200 management companies in the GTA, out of those 200, maybe 20 of them are qualified to be managing condominiums. That number has risen to over 500. Questions to ask;
1. Does a bigger company offer more experience? In the background, yes, but it is the front line person (your property manager), that should be experienced, at the same time, have the support of the senior staff. The industry is growing too fast for companies to find experienced managers and when they do, they feel they do not need to be involved in the property.
2. Is your management company carrying out proper procedures when procuring tenders for larger projects? Larger projects should involve and engineer to draft proper specifications and ensure that the quotes received are based on the same work and are easily comparable. These tenders should be received at the management office and opened in front of the Board of Directors.
Watch for more questions…………..coming soon.
Purchasing a Condo:
I do not know how many people have said to me over the past twenty years, “If I had known that, I never would have bought the place”.
There are many different buyers out there; from investors, first time buyers and retired looking to downsize. There are also many different developments out there molded to suit every individual. It is important to know exactly what you are getting into. Questions you should be asking when looking to purchase a condominium should not be limited to price and location. Some of the unforeseen questions take people by surprise after it is too late;
– What is included in my fees? – It is important to review your documents before you purchase with your solicitor and understand the extent of coverage of your monthly maintenance fees. Many still have the believe that when they by a Condo, they no longer have to do any maintenance and the Corporation looks after everything. This is not the case and a thorough review of your declaration with someone experienced will help you understand this.
– What determines my monthly maintenance fees? – Your Board of Directors is responsible to send out your yearly budget usually with the assistance of your property management company. If you are looking to limit what you pay monthly, consider what you are paying for and what you actually use. The costs of a gatehouse, security, concierge, pool maintenance, recreation staff can add up. If you do not intend to use it, don’t buy it. If you are considering a project with all the amenities, consider that the more units in the building, the less your percentage of those costs will be.
Ask an expert before you purchase.
Tim Bourdignon R.C.M.
CT Quality Property Management Inc.