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the HERALD Business Wednesday 1992 Community living is not a new idea By GARY BRAND Realty Believe it or not the world first went condo 2 500 years ago in the Middle East So the concept of community living is not a new idea But the popularity it now en joys is a relatively recent Europe was the vanguard for the condominium revival about 200 years ago Then fifty years ago Brazil passed condominium legislation And in the col got into the act with the States adopting the con and Canada following suit in Since then many other tries have picked up the idea in eluding Cuba Puerto Rico and Australia Why is condominium owner ship riding such a crest of popularity Possibly because buyers see it as a combination of the best of both worlds Many of the advantages of home owner ship are still there but without the tiresome concerns of home maintenance Plus a lot has changed in 2500 years Lifestyles don always revolve around the home For tive young couples it gives them a freedom to travel or concen trate on a career For empty the timeconsuming con of yard maintenance are eliminated Still others find a con ilium a alternative as a first home is a condominium The word condominium refers to a legal form not the actual dwelling place or as it is com called unit It comes in many forms including detached apartments or duplexes The units can be new modern high rises conversions from older apartment buildings garden apartments cluster nous ing or even single family homes in a subdivision format And the concept t limited to homes It can also be applied to industrial or commercial properties The basic gist of the con dominium concept is that you have the exclusive use of the tenor of your unit but you share the common areas with the other owners These may include walkways driveways lawns parking areas recreational areas or facilities laundry rooms stairways etc The actual common elements may differ from development to develop ment but will be clearly stated the documents When you purchase a con dominium you become a shareholder in the corporation that oversees the operation of your particular development Be ing a shareholder grants you tain privileges including the right to vote on issues affecting the operation of the condominium and the privilege of being elected council Like a business the corpora tion is accountable to its investors It must be a viable company keep a set of books elect directors and respond to the ihareholdert concern It In your best interest to find out everything you can about your condominium corporation This way you will have an in formed in the operation of what will after all be your home Some of the things should look into are the amount of the monthly maintenance fee what the insurance is on the building and property whether or not there will be any user charges for any of the common areas a fitness room how much money is in the contingency fund lis it enough for repairs depending on the age of the complex and you should also see the financial statements Duignan approves NDP stance By BEN DUMMETT The Herald The province s tough stance con Welcome home The Partners of Alexander Chartered Accountants Main Street South Georgetown are pleased to announce that Gary James Gillespie BMAth has recently joined the firm as an Audit Manager Gary is an honours graduate of the of Waterloo Bachelor of Mathematics programme major in the accounting pro gramme Gary who has over five years in public accounting and obtained his designation in December joins other graduates from Georgetown District High School who have joined the firm in prior years an increase to transfer payments is disturbing yet necessary says North Hatton Noel The province recently announced transfer merits to municipalities hospitals and school boards will only increase one per cent this year Mr Duignan said he hoped for a three per cent increase in transfer payments Despite not receiving what he h d hoped for Mr Duignan said he sup ports the province s announcement as a means of keeping the deficit under control The provincial deficit is currently at 11 billion as result of the govern anouncement The local hospital and school board appear to be hardest hit by the province s announcement Bob Williams Board of Education Director said service cuts will be required in response to the province announcement however layoffs won be necessary Where the cuts will take place Mr Williams t say at this time The budgetary problems facing the board are evident in the fact that last year provincial increase to transfer payments for education purposes was seven to eight per cent Mr Williams pointed out According to town Treasurer Ray King the province announcement won have much effect on the town s budget The reason being the amount of money the town receives in transfer payments is relatively small com pared to Its other revenue sources he explained Obeying the Rules Another area of responsibility of the condominium corporation is the establishment of by laws All have them Usinlly common sense dictates what ey are but you should also rev these as they could affect yur enjoyment of your new home If you love cats some by laws restrict pets Check this out before you and your feline friends take up residence Whatever the by laws that are in existence they can be chang Each owner is entitled to vote on the issue and if enough animal lovers are in a complex obvious lj that by law would be changed Remember too that most by laws are there to protect your in vestment However there may be some dissenting voices on just what is the best kind of Isa for You Birds do it Bees do it But is right for you The receni popularity of condominiums has resulted in a good supply of units Sedates lid Computer Bookkeeping Services 37 Main Street South Halton Hills Georgetown Ontario 5656 Is T4 Preparation Getting You Down Lei us prepare them for you T5 Preparation Return Return We also provide Monthly quarterly or yearly bookkeeping and Monthly financial statements Amortization schedules Payroll PST GST Remittances Call Us Today And Let Us Know How We Can Help You FIVE POWERFUL REASONS TO GET A MUTUAL RRSP NOW Save with confidence Mutual has highest credit New Loan Service up to months to repay Wide range of savings and investment options Attractive interest rates Transfer your RRSP to Mutual and get much more DONT DELAY GET YOUR RRSP BY FEB HO The Mutual Group Tony Schlegel Pennington Georgetown or to choose from in most major cities So the selection is bound to have the living requirements you want What you should be thinking about is the lifestyle And for many it very agreeable Eliminating upkeep and maintenance of a home frees up time for family or careers Af means more people benefit from home ownership Security is improved by proximi ty to neighbors Many newer con dos offer a variety of amenities such as fitness clubs community centers swimming pools etc The social aspect is important to many as well It s often a chance to meet others of similar background and taste On the other hand some people rebel at the smallest rule and condominiums do have by laws Conflicts could become a pro blem if personalities arc too diverse If management is on a volunteer basis lack of ex penence could impact on J residents I However if you ve done your homework on the condominium you would like to live in and have weighed the pros and cons over carefully then you will find that condominium living can be an at tractive alternative to housing Tax Services Directory EXPERTISE THAT REALLY MEASURES UP ASSOCIATE TAX CONSULTANTS 101 Guelph Street Georgetown 8772217 Tax Same Day Preparation Couriered to Tax Office Mori Thurs 00 a 7 530pm Sat 300pm George a Chartered Accountant 2 Guelph St Georgetown 8738100 At home even and weekend also lable Computerized Personal Corporate 1991 TAX RETURNS ROBERT INGRAM Chartered Accountant 8770782 Chartered Accountants 1 991 Canadian U S Income Tax T4s T 5s Graeme Goebelle B A F C A CA Gary Gillespie H B Math CA 87751 55 Brian B Sc CA CFB McCracken Sc 37 Main St S Georgetown J Daniel Varanelli Certified General Accountant And Bus ns Account ng and ces F Statement at on Compute zed Fast and 76 Young St Acton T46 T 58 Bookkeeping and Accounting Main St S Georgetown 8776565 If HR BLOCK THE INCOME TAX SPECIALISTS JAMES ST DOWNTOWN GEORGETOWN JUST OFF MAIN ST KEVIN CHMELNYTZKI NOW COMPUTERIZED FOR FAST ACCURATE TAX RETURNS CASHBACK ALSO AVAILABLE SERVING ACTON ERIN GEORGETOWN 416873 7855 DA OFFICE SERVICE Computerized Income Tax Returns AccountingWordperfect Services Also Available CALL ANY TIME 8772103 TO HAVE YOUR COMPANY INCLUDED IN THIS FEATURE CALL BARB AT 8772201 tftWa