Condo living offers a great lifestyle choice. There is no building exterior maintenance required, and no snow/garbage removal that demand time and energy from unit owners.
Having said that, there are a few things potential condo buyers need to beware of before making a purchase:
Status Certificate - Always request a "status certificate" through a realtor or the building manager. The cost to prescribe this document is under CAD$100; it includes: condo association's future plans for common element, the content discussion during board meetings, any pending lawsuits, current budget, most recent reserved fund study and the amount of fund, etc.
*A "reserved fund" is used solely for major repair & replacement of common elements and corporation assets. This fund is collected from common expenses and must be held in trust. If repair cost exceeds the reserved amount, a special assessment is required to meet such expense.*
Maintenance Fee - It is important to pay special attention to the amount of monthly maintenance fee and what it is used for. This will provide an insight on the building condition, as well as the information for any future owner to plan monthly budget. If the condo requires too little fees, it might mean that either the building is not care for, or the association is exceeding what it could afford. If the fee is too high, on the other hand, it could illustrate an older building that requires a lot of repairs.
Rules & Regulations - Condos are different from detached properties, and might be more restrictive when it comes to noise level and such. Ask about the rules on noise, pets, access to areas, outside installations, parking restriction, alteration of unit, etc.
There are so many things potential buyers need to know, in order to make an informed decision. I hope this helps! Leave me a comment or email me if you have more questions!!
*Information above provided by the Real Estate Council of Ontario*
No comments:
Post a Comment