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Today let’s talk about condos. They offer a different lifestyle than freehold homes. Including facilities such as gyms, pools, and more. Condos are also less hands-on maintenance residences. You don’t even have to worry about shoveling snow or cutting grass.  

Let’s look at the top 5 things you want to know before buying a condo.

1. Type of condo: There are different types of condo ownership. Such as Condo apartments, Co-op apartments, Co-ownership condos, Condo townhouses, and more. Each type may have implications on various aspects. Some are more difficult to finance than others. Others have restrictions on who is allowed to live in the building. There are too many details to cover here. It’s safe to say that when you are considering a condo it is vital to know which type it is. And to ask about what it means for you as an owner.

2. Property management and corporation: Even the best buildings need to be maintained and managed over time. This is another important aspect of a condo. It refers to the way the money is managed as well as to the way the building itself operates.

Having a real estate lawyer examine the documents provided by the corporation and its financials is a vital part of the buying process. Since it may reveal aspects of the budget that may result in the owners having to pay some lump sums in the future for different reasons.

3. Year of construction: There are many pros and cons when comparing older condos VS newer condos. The biggest is that in more recently built condo buildings, units are significantly smaller.

However, other aspects are important. For example, during a certain period of time, a defective batch of plumbing pipes was used extensively. This is something that is vital to find out as it may affect the ability to insure your condo or receive a mortgage.

4. Developer: Who was behind this building or project you are considering? This is important because you can find out their reputation from previous buildings and projects. Remember you can change a lot of things inside your condo. But you have no control over the quality of the building.

5. Building restrictions: Every building will have a set of regulations and bylaws. These are important to know before buying since they may affect your choices. For example, if you are a pet owner and the building does not allow any pets you may not want to buy there.

These are the tip of the iceberg. Choosing the right team of professionals when buying a condo is imperative. The good news is we are here to guide you through this journey.  

#Remember to always Say NAI (Yes) to Life

July 8, 2023

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