Buying a Condo

Condominiums are an affordable alternative to purchasing a single-family home, especially for first time buyers. Condos aren’t just for those with smaller budgets. They can be ideal long-term investment opportunities. 

When you buy a condominium unit, you:

• Buy a share of the property’s common elements.
• Are responsible for a portion of the common expenses.
• Have the right to examine the corporation’s records.

Understanding these condominium-specific facts enables you to better shop for the condominium that best fits your needs.

Consider these tips:

• Tour the condominium property to see all it has to offer.
• Ask whether the unit you want to buy includes title to a parking spot, storage locker, and other assets outside the unit (you might need to rent these).
• Many condos place limits on the number of pets and their size.
• If you want to pay less in maintenance fees, look for condominiums with fewer amenities, like recreation centers and landscaped grounds.
• Consider your total cost of living - A condominium that includes amenities, like a pool and gym, for instance, can cost you less overall than if you were to take out a membership at a fitness center outside the condominium and pay common element fees.
• Review the condominium corporation’s status certificate for important information about the financial health of the corporation.

A status certificate is a document provided by the condominium corporation to buyers of resale condos, which provides a snapshot of the unit as at the date that the certificate is issued. In most cases, if the building is serviced by a property management company, it is prepared by the property manager. 

When working with your Realtor, think about the amenities you want in addition to location and budget. Keep in mind, too, that even amenities you don’t plan to use — a pool, for example — might still be worth having, because they can increase your resale value.

The pros of buying a condo include less maintenance, socializing opportunities, amenities, and lower prices.

The cons include rules and restrictions throughout the building, investment risk, and difficulty financing.

Contact a REALTOR®today to help you find the right condo for you and your family.