Purchasing a Condo:
I do not know how many people have said to me over the past twenty years, “If I had known that, I never would have bought the place”.
There are many different buyers out there; from investors, first time buyers and retired looking to downsize. There are also many different developments out there molded to suit every individual. It is important to know exactly what you are getting into. Questions you should be asking when looking to purchase a condominium should not be limited to price and location. Some of the unforeseen questions take people by surprise after it is too late;
– What is included in my fees? – It is important to review your documents before you purchase with your solicitor and understand the extent of coverage of your monthly maintenance fees. Many still have the believe that when they by a Condo, they no longer have to do any maintenance and the Corporation looks after everything. This is not the case and a thorough review of your declaration with someone experienced will help you understand this.
– What determines my monthly maintenance fees? – Your Board of Directors is responsible to send out your yearly budget usually with the assistance of your property management company. If you are looking to limit what you pay monthly, consider what you are paying for and what you actually use. The costs of a gatehouse, security, concierge, pool maintenance, recreation staff can add up. If you do not intend to use it, don’t buy it. If you are considering a project with all the amenities, consider that the more units in the building, the less your percentage of those costs will be.
Ask an expert before you purchase.
Tim Bourdignon R.C.M.
CT Quality Property Management Inc.