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Condo Fees Vs HOA Fees: What's the difference? - YouTube
Channel: Homebuyer's School
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- In this video we talk about the
difference between a homeowner
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association and a condo board – what
applies and what fees you have to pay.
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That's starting right now.
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Welcome to Homebuyer's School brought
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to you by Brookfield Residential.
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- Hi everyone, Karl here and welcome to
another Homebuyer's School video, a
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channel where you get the latest
strategies tactics and tips from home
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buying experts. And remember if this is
your first time on this channel and you
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want to get the latest strategies from
the experts, hit the subscription button
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below, hit the little notification bell
so you don't miss anything. Today I'm
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joined by Heather Cockerline, live
community experience lead with
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Brookfield Residential. And today we're
going to talk about what is the difference
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between a homeowners association and
a condo board.
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So Heather, what is that difference?
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- It's completely different.
They're very different so if you've
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watched the other videos, homeowners
association is for the benefit of
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everybody in the entire community.
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- I'm going to stop you there,
make sure to watch
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our videos on homeowners associations
part 1 and part 2. I'll link it up above
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and I'll link it up in the description below.
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- Yeah so everything in a
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homeowner's association like I said, has
to do with the entire community, bringing
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community together. Where is a condo
fee is about a specific building within
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the community and we have no control
over that so the condo fees are to pay
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for specific items within that building
itself so maybe that's things that have
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to do with the lobby improvements, to the
lobby, or the roof, or the elevator, if
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they have a recreation centre within
that building. So that's where the condo
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fees come into play.
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- Let's say I moved into a brand new
condo in a brand new community, does
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that mean I have to pay both a condo fee
and a homeowner association fee?
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- Yes, so there's an HOA
fee as an encumbrance on your title. So
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as an owner of a unit in a condominium
complex you would be charged both the
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HOA fee to enjoy all of the amenities
throughout the community and then a
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condo fee which is what would take care
of lobby or the elevators,
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or if a new roof needed to be put onto—
your onto your condo.
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- Got it. And remember if you want
to know more about
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condo fees, watch our video above and in
the description below. So I guess it kind
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of—it depends on the community and it
depends on the building right?
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- Exactly.
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and is it the same—I remember
when we talked last,
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if you brought in—if you have a tenant in
your home and homeowner
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association, they I think they would you
transfer memberships. Is it sort of—
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does it complicate the matter if you
let's say, you don't live in the condo—
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you've rented that condo out and it's
the same thing with HOA, it's like it's
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kind of two different things right. Would
they belong to—is it your responsibility
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or the actual tenants responsibility?
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- That would be between I think, the owner
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and the tenants.
But because the encumbrance is on the
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title, as long as the fees have been paid
on that condo unit, the tenant would be
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able to utilize all the facilities.
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- Got it—got it. And one last
question in terms of facilities,
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let's say the condo itself has let's say,
a swimming pool inside and then
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would that be considered part of the HOA
or no it would be considered—? So it
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wouldn't. So it's a facility, wouldn't you
consider it would be a facility in the
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community but it's only for that condo?
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- That's right, yeah. So that's what their
condo fees paid for.
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- Do you have anything else to add?
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- Nope.
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- Awesome. Well thank you
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very much for joining us and remember, if
you enjoyed this video or found it
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helpful, hit the thumbs up button below,
remember to comment, and remember to
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subscribe, and we'll catch you next time.
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That's another edition of
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Homebuyer's School. Tune in next time
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for more expert tips and tricks and visit
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homebuyersschool.ca to bring you one
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step closer to finding your dream home.
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