Is there a difference in owning a condo or owning a house? What do you have to pay attention to when you are considering buying an apartment (condo)?
Who to consult with? If you made a decision to buy dwelling you will confront with a lot of uncertainties and questions
We will try to answer on some of questions.
By obtaining a condominium in Canada ( in Montreal or in other city) buyer does not just become a single owner of the apartment (condo), but he also becomes a part of a community, which consists of the same owners of condo as himself. The buyer has the rights to sell, to lease or to bequeath the apartment (condo) as he wishes.
But at the same time he shares the rights on the land, corridors, elevator etc. with the other owners of condominiums.
Much more seldom there are situations, when property becomes public, mortgage credit is taken by all buyers of the apartments, rights and duties of everyone are specified case by case.
The owners of the apartments are electing syndicat de copropriété (Council society) for ruling and solving the problems of exploitation the building: engineering communications (water, sewerage, and lighting, heating), conditioning, building services. The collective will agree on the amount of salary to pay to the society fund by the apartment owners.
If you consider buying a condo, location is one of the most important things. We talk about good location of the apartment in the building, it’s illumination, location of the building and easy accessibility (roads, public transportation) . In Montreal, like in the other large cities in Canada, it is very important! Besides this, if one day you decide to sell your condo good location - will secure the highest price.
The location of the condo and the quality of the building are also very important. But some chic developments in Montreal and surrounding areas are planned in such a way, that each block of units, and sometimes each condo, has a separate entrance. At the same time the walls between the apartments are not always well soundproofed. So, before buying a house (condo) make sure that it has been well built .
Additional service. Сondo-collections.
When buying , find out which services are available. Is there a garage?, swimming-pool?, sauna?, tennis-court?, and gymnasium? If you prefer to park your car in a garage and not on the side of the street, be prepared that the price of the condo will be slightly higher, due to the assigned place in the covered parking.
Remember, that condo fees are covering all services, regardless if you are using them or not.
When signing your intention to buy a condo , point out that your final decision depends on regulations of le syndicat de copropriété (Council society) and the condition of the condo. Ask your lawyer or notary to check all the documents and read ALL the conditions of owning a condominium (possibility of having pets, presence of parking space etc)
Do not be afraid to ask questions! Carefully think over all your steps!
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