So You’re Thinking of Buying a Condo?

Condo living is a popular choice for many Canadians as it can be a relatively carefree and appealing housing option. It’s often affordable and someone else handles much of the maintenance and repairs, such as shoveling snow and replacing the roof. Many condos have enhanced security features and offer a wide range of social, entertainment, and recreational activities.

2 CONDO CHOICES TO CONSIDER

1.     “New condo” refers to units that have not been previously occupied. They can be in the planning stage, under construction, or recently completed. For many buyers, they’re an attractive option because of their fresh appearance and modern finishes, surfaces, and appliances.
2.     “Resale condominiums” are units that have already been occupied and are for sale by the current owner. One of the advantages of purchasing an existing condominium is that you get to see the unit, building, and grounds before you make your purchase. You also have the opportunity to meet other unit owners, speak with a representative of the board of directors of the condominium corporation, and ask questions of the property manager.

Owning a condominium differs from owning a conventional home in several ways.  Key differences include:

WHAT DO YOU OWN?

When you purchase a condominium, you own a private dwelling called a “unit.” Your unit is registered in your name. You also share ownership of the common elements and assets of the building and community along with other condo unit owners. 

WHAT WILL YOU PAY?

In addition to paying for your unit and a proportionate share of the common property, you also pay monthly condo fees, along with all of the other condo unit owners. This covers the upkeep and replacement of common elements — whether you use them or not. The fees may also cover the corporation’s insurance policies, utilities, and services such as snow removal.

Part of those monthly fees will most likely also be put into a reserve fund to cover the estimated cost of future maintenance and repairs.

Condo fees may have to be adjusted from time to time to reflect the changing costs of goods and services and the state of the building’s reserve fund.

THE 3 PS OF CONDO OWNERSHIP

Three of the most common causes of annoyance to condo owners are pets, people, and parking — the “three Ps.” That’s why condos have rules and restrictions around them and other issues, such as noise and the number of people who may live in a unit. It’s essential that you review the condo’s rules, bylaws, and declaration.

Condo living can definitely provide a great lifestyle but understanding your obligations and rights is very important before you buy a condo.  Should you have any condo questions please give me a call.