I've found a Condominium that looks good to me. Should I Buy It?

If people are already living there, talk to some of them. They can fill you in on the quality of construction, how well the condominium is managed and what problems they have encountered, if any. Evaluate whether they are the kind of people you will like as neighbours and whether condominium living is right for you and your family.

 

Evaluating a condominium that is just getting started is more difficult. Con­sider whether the neighbourhood seems to be growing into a pleasant residential area or whether there are indications that commercial or industrial build­- ings may be in process.  The type of neighbourhood will affect the resale value of your unit. Check out the builder. Talk to unit owners in other condominiums built by the same builder. Check if the project is registered  under  the Tarion Warranty Corporation (Tarion).  Ask what steps have been taken to soundproof walls and floors between living units. Inadequate sound control can be a major headache, particularly in a multi-family dwelling. Ask if the pro­- ject is only for residential use or whether it is a mixed-use project.  This due diligence should assist in making a more informed decision on whether the Condominium you are considering is good for you!

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