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Should I buy an apartment with an elevator?

Should I buy an apartment with an elevator?

Numerous apartment-seekers, for understandable practical reasons, will only consider complexes that offer elevator access. Installation of this kind is a real comfort argument, but it comes at a price that can affect both the buyer's and the tenant's budget. Here's what you need to know before you start searching for apartments with elevators.

A necessary convenience, but at a price

When moving into a building that already has an elevator, it's reasonable to assume that there will be ongoing maintenance costs, which are reflected in the condo fees. It's a good idea to poll current tenants about the building's overall maintenance costs, as well as any major repairs or malfunctions, before committing to a lease.

The elevator may be scheduled for replacement if it has been experiencing frequent breakdowns. The buyer should be aware of this additional cost before signing any documents. _ “A new elevator might be necessary if the current one has been acting up for a while”._

As a tenant, are you responsible for the upkeep of the elevator? Both the landlord and the tenant contribute to the upkeep of a rental property. The renter is responsible for all utilities and maintenance (including the boiler, minor repairs, garbage collection, and building cleaning). The upkeep of the elevator is included in this last item, along with the cleaning of the lobby and the mowing of the lawn in the private outdoor spaces. Rent increases may be warranted to cover the added expense of maintaining an elevator.

Tenants cannot be held liable for extraordinary expenses, such as the cost of replacing the entire installation or making major repairs.

“Because of this, "the presence of an elevator may result in a monthly rent increase".

Should you take your chances by reserving a unit on the ground floor of a building with an elevator, or should you just move?

Since people living on the ground floor don't have to use the elevator, it would seem that they are losing money every month on their condo dues. In fact, you need to know how the fees are divided up before you can refuse a unit for this reason. Each shared ownership arrangement is set up on a voluntary basis.

Legal precedent dictates that the co-owner of the ground floor is exempt from sharing the elevator's operating expenses. This, however, is never the case outside of a written condo agreement. Indeed, everyone pays their fair share of the administrative costs. It is assumed that the first-floor tenant will occasionally, if not daily, use the elevator to access the basement, garage, or laundry room. Finally, these extremely exceptional circumstances still rarely result in a fee waiver.

Advantages of reaching the top

When going up only one or two floors, the elevator isn't always necessary, but as the building rises, it becomes indispensable. The upper floors make the most sense when you want to live in peace and quiet away from curious neighbors.

Although it may be more expensive, having an elevator and relocating to a floor above the third one has many benefits, including fewer issues with neighbors, more light, a greater sense of safety, and, very often, less need for heating due to that of the neighbors below.