Things to consider when buying a condo!
The increasing population of young professionals with busy lifestyles, along with the escalating prices of real estate have resulted in more people opting to buying a condo than we would have seen in the past. When buying a condo, you're not just purchasing the brick and mortar, you're buying into a corporation. This corporation's responsibility may be limited to clearing road-ways is a condominium townhome complex or be more involved such as providing 24-hour security, amenities and exterior maintenance in a luxurious high-rise.
THE NITTY GRITTY:
When buying a condo, ensuring that the corporation is being run properly is an important step in the process. You will want to include a condition with your offer allowing you or your lawyer to review the corporation's Status Certificate. This document will tell you if there are any outstanding litigations, notice of special assessments and give you a glimpse into their finances.
Do you own the parking space(s) or have exclusive use? If you own the parking and have multiple spaces, you can sell them should you choose to.
The Status Certificate will include information about the rules and by-laws of the condo corporation including details about pets; are they allowed? If so, what restrictions exist, if any? It's common to see size and weight restrictions on dogs.
This is a pretty basic idea of things to consider when purchasing a condo. Keep an open eye to see how well kept the property is, do you see any deteriorating structural components including concrete paths, balconies or shingles/roofing on low rise buildings and townhomes? How well kept are the carpet, walls and amenities and other common elements in a high-rise building? These can be signs as to how well managed the property is. A lack of maintenance could be a sign of a major overhaul being due which may result in special assessments and increased fees.
Whether you simply want a more affordable solution, a luxurious lifestyle or less responsibility, condo living is a great solution.
For help buying a condo or for more information about them, shoot us a text at (416) 707-8401. We'd be happy to help!
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Ariel Kormendy | Adrian Trott
The Kormendy Trott Team
1 (800) 617-0090
Century 21 Miller Real Estate Ltd., Brokerage