Q: What are the advantages of a Townhome Condominium and how does condominium ownership work?
A: A condominium is a legal form of shared ownership, where the owner holds title to the individual townhome and a shared interest in the building and grounds’ common elements. A condominium allows for the financial benefits of ownership while leaving the chores of property upkeep and maintenance to our professional property managers. Residents will purchase their condominium homes outright, and pay a monthly “condo fee” to fund all shared common area expenses.
Q: What are the Common Element Fees at Hudson Condominiums and what is included in the common element charge?
A: Common element fees are $210-$233 per month and include water, snow clearing, yard maintenance, groundskeeping & landscaping, common area lighting, building insurance (owners require separate insurance for condominium contents and betterments), service contracts and professional management. Owners are responsible for gas, hydro, telephone, Internet, cable TV, contents insurance and realty taxes.
Q: As a unit owner will I have any part to play in the ongoing operation and management of Hudson Condominiums?
A: The project will be professionally managed by a property manager engaged by the Developers and later by the Condominium Corporation Board of Directors. As a unit owner in the development, you have voting rights in your condominium corporation. An annual general meeting of all unit holders will be conducted to review the business of the corporation. You may participate in the management of the corporation to a greater extent if you wish to stand for election to the Condominium Corporation’s Board of Directors.
Q: Can I purchase a townhome at Hudson Condominiums and rent it until I am ready to occupy myself?
A: You may rent your townhome provided all rules and regulations of the Corporation contained in the condominium documents are complied with.
Q: How many floors and units will each building have?
A: Hudson Condominiums consists of 1 ten-plex, 1 nine-plex, 2 eight-plex and 1 five-plex two-storey townhome buildings with unfinished basements. The four-storey apartment-style condominiums will be done in two phases, for a total of 96 units.
Q: What type of insurance will I require for my new condominium home at Hudson Condominiums?
A: The Condominium Corporation will provide insurance for the overall building. Owners will require separate condominium-unit owners’ insurance on their contents and on any options or upgrades. The Condominium Declaration provides further information.