Q: What are the advantages of a 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 will be in the range of $237 – $311 per month and will include snow clearing, grounds keeping & landscaping, common area lighting, common area heating & cooling, and maintenance, water, amenities, building insurance (owners require separate insurance for condominium contents and betterments), service contracts and professional management. Owners are responsible for their own 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 condominium at Hudson and rent it until I am ready to occupy myself?
A: You may rent your condo 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: The building will have 4 floors plus an underground parkade level and will be constructed in 2 phases. There will be 56 suites in Phase 1 and 40 suites in Phase 2 for a total of 96 suites once completed.
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.