Living at Lakeview Estates

Compared to owning your own home and lot, a condominium residence is a different form of property ownership. Accordingly, it helps to know what to expect as a condominium owner in Lakeview Estates. As well, there are a number of words and terms used in condo living worth understanding.

At Lakeview Estates owners have title to their individual unit and with the exception of making any interior changes that could impact the structural integrity of the building, owners have full control over what is done inside the unit. Owners are also responsible for maintaining the systems inside the home – heating, air conditioning, water and electrical – in good condition. At Lakeview Estates the owner, after obtaining approval from the Board to ensure proper standards are maintained, is responsible for the replacement of windows, doors and decks as needed.


Condo

Outside the unit though is significantly different. The condo owner does not have a classic freehold as they would of a private home and is not at liberty to deal with property in the same manner as they would in traditional home ownership.

For instance, everything outside a condo unit including the sidewalks, gardens, driveways, road and green space as well as amenities such as the pool and tennis court, are shared commonly among the residents and are referred to as the condo common elements. In return for the advantages gained through collective ownership of the common elements, control is given to and managed by the Board and the Property Manager. Upkeep and replacement is funded through the Operations Account and the Reserve Fund via the monthly condo fees.

Any changes or alterations to the common elements proposed by an owner must be approved in advance by the Board of Directors.

Lakeview Estates as a Condominium Association is essentially a small community within a larger municipality with its own governing body, financial organization, individual property ownership and public spaces shared amongst residents.