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How do Your Strata’s Bylaws Affect Your Condo’s Value? If you’re considering selling your condo, bear in mind that the strata bylaws in your building can affect the price.

Every strata has different bylaws and rules that affect the strata lot owners’ rights and responsibilities, and apply to tenants and visitors as well. So they can have a major effect on what it’s like to live in a building – and how much you can sell it for. Bylaws provide for the administration of the strata corporation, allowing it to control, manage, and maintain the use and enjoyment of the strata lots and common property.

Stratas can create or amend their bylaws, typically by a three-quarter vote at their annual general meeting. Rules can be created to govern the use, safety and condition of the common property and assets, but not individual strata lots. Strata corporations must enforce their bylaws and rules, often by fining strata owners and residents who don’t follow them. Here are a few examples of typical bylaws: Age restrictions No smoking allowed No pets allowed Pets allowed with restrictions (these can limit the number of pets, or only allow cats but not dogs, or restrict the size of the dog, among other options)

No rentals allowed Rentals allowed with restrictions (this usually limits the number of strata lots allowed to rent out at any one time, or it may specify a minimum rental term to discourage short-term Air B’n’B-type rentals). So how do different bylaws affect your property’s value?

- See more at: http://www.rew.ca/news/how-do-your-strata-s-bylaws-affect-your-condo-s-value-1.2009136#sthash.IvVSXbCi.dpuf




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