Condominium ownership has become very popular in the GTA and for some types of owners, it can be the ideal property. If you are looking to buy for the first time, it can be a way to build up some equity before moving into a single family home. People who can’t or don’t want to deal with the upkeep of owning a home, such as lawn care, snow shoveling, and other duties may be interested in condo living. Before you decide to focus on this type of property, you need to check it out thoroughly.
Find out What you Need to Know About Buying a Condo
- How much will you be paying in condo fees?
Ideally, you will want to find a condominium where the fees are set at a level that is reasonable. They should be high enough to pay for exterior maintenance, snow removal, landscaping, professional management, insurance, and a reserve fund, etc., and low enough not to discourage future buyers.
- Do the condo fees include utilities, or do you pay some of them separately?
This is important information, since you will need to budget for utilities after you move in if they are not included in your condo fees.
- Are other owners happy with the way the condominium corporation is run?
The way to find out this bit of information is to speak to some people in the complex and ask them. You need to know whether the money being collected in fees is being spent appropriately and if bids are being accepted for repair projects in common areas before you decide to move in. If the current residents are satisfied, then you will likely have a similar experience.
- What are the bylaw restrictions for use and occupancy of the unit?
Do your homework on local bylaws to find out about things like parking restrictions, pet policies, and renovations planned for the building before moving in.
- Which builder constructed the building? Does that firm have a good reputation?
Find out who built the building where you are considering buying a unit and find out whether the firm has a reputation for producing quality work. Check to see whether it is a member of the Canadian Home Builders’ Association. Members are required to follow a code of ethics.
Would you like help to find the right GTA condo for your needs? Call real estate professionals Bonnie and Daniel Wan at 905-883-8888.