A common misconception that first-time condo owners have is that they are not responsible or do not need to pay for repairs or maintenance in the building or their condo unit. Actually, this is not entirely accurate.
Although the cost of upgrades, repairs, and maintenances that occur within the common areas of the condominium are collectively funded through each owner’s condo fees, there will also be repairs and maintenances required within an owner’s unit as well. But who pays for that?
The condo corporation’s bylaws are the go-to for the specifics, but usually the condo owner will be responsible for any issues that arise within their unit itself. This applies to damaged and maintenance items that are within the boundaries of the unit including: shut-off valves, p-traps and other pipes under sinks; faucets; thermostats, zone valves and heat pipes; and electrical panel and breakers.
The condo corporation or property management company can help refer you to reputable contractors that can perform the necessary repair or maintenances, however the costs will be charged back to the owner if it is for within the unit. Therefore, it is vital that your unit is well-maintained and has proper valid insurance.