5 Things You Need to Know Before You Buy a Condo

When you’re thinking about buying a condo, you need to start doing your research. You’ll want to know the regulations of the condos you’re interested in. You need to know what the verbal homeowners’ association board regulations and especially what the fees are before you put down a bid. You need to know that they have plenty in the emergency fund and you’ll want to make sure that you have the condo inspected BEFORE you put your deposit down. Like they say, knowing is half the battle, and the more you know the better off you’ll be when you buy a home.

What are the Monthly Condo Fees?

Sometimes you come across a great property online at an awesome price… who wouldn’t want to buy it?! But it may be that low for a reason – and if you want to know what the real cost of ownership is going to be for a given property BEFORE you put down a bid.

Let’s run a quick scenario.

Let’s say you found a great condo, it’s $240,000, 3 bedrooms, all kinds of great stuff. You find another condo that runs $270,000, similar, the $240k one is best right?

If your monthly condo fees are $280/month that’s $3,360 a year, and $33,600 over the course of a decade…. That may make it less of a steal. Condo fees rise up and up over time too, so the real cost of the home could be $273,000, plus closing fees, maintenance, upgrade and more.

How Much Do They Have Available in Emergency Funds?

It’s important to check out just how much money is in the emergency fund. It’s not uncommon for less than great condos to sell a unit just so they can levy fees and rebuild their fund. If their fund is less than healthy, you might want to avoid working with them altogether.

Have You Inspected the Condo You Want to Buy?

Inspecting it yourself and hiring a professional home inspector to run over the property is always a great idea. You’re going to want to have someone that’s really experienced with condos, someone that knows exactly what to look for.

What are the Verbal Rules for Board Meetings?

These are different than the condo regulations themselves; you’ll need to know how things are done during the meetings so if you have an issue you’ll be able to get it addressed. While this is easily one of the least interest parts of buying a condo, you need to know before you buy!

Revise All the Condo Regulations

Before you buy, you need to know the regs. Do they allow pets, are there special conditions or breeds that aren’t allowed? Can you have patio furniture, or will it cause some kind of kerfuffle? The more you know the better off you’ll be.

It can be hard to find the right condo on your own, so don’t! We’re Oakville luxury realtors that can help you zero in on the home that best fits your needs. Give us a call today and see what we can do for you.

Visit our Oakville luxury condos for sale page today to find the perfect Oakville condo for you! http://www.goodalemillerteam.com/Feature/Lifestyles/Condominiums/9

Blog Archives

Tags