There is many thing you most to know before getting that dream condo that you always want it.
According to a survey done in Canada en 2013 hight percent of Ontarians who are thinking of buying a home in the next two years plan to purchase a condo.
When buying a new condow experts advises prospective buyers to review the condo declaration, bylaws and rules with their lawyer, real estate agent or accountant. If it’s a resale condo, buyers should also look at the condo board’s budget.here there some important thing you should look at before making the big decision.
#1 Condo fees
How are the monthly fees determined? What services and operating costs are included? Do certain costs need to be paid in advance?Condo fees can cover costs of operating fitness facilities, party rooms, swimming pools, as well as security, cleaners, gardens and a concierge.It’s also important to ask if all utilities are included in the condo.You should know how much will the fees increase in the second year? Also, are there any differed costs?
#2 Rweserve fund
In many cases portion of your monthly condo fees goes to the corporation’s reserve fund, which is in place for major repairs like the roof, exterior of the building, sewers, heating, electrical and plumbing.
If you are buying a resale condo, is there enough money in the reserve fund? This will determine the financial health of the corporation and what the condo fees will be.
#3 Unit repairs and insurance
Are the repairs and maintenance in the units the responsibility of the buyer or the condo corporation?
In terms of insurance, what does the corporation’s standard insurance cover? Will you need to get extra insurance?
#4 Condo budget
Is the condo budget in a deficit or surplus? How much has it increased over the past years, and were the increases due to inflation or utility costs? This will determine how your condo fees are affected.
Some other important things to consider:
If you are looking to rent your unit, are there any restrictions for owners?How many rental and/or mixed-use units are there? Are there any commercial units?How many parking spaces and locker units come with the unit?Is the corporation involved in any lawsuits?
Protection for buyers
A buyer also has the right to cancel the sales agreement within 10 days if a “significant change” has been made to the disclosure statement.
If a buyer wishes to cancel, the developer must refund the deposit (plus interest).
A condo is an amazing purshase that can get you a bit confuse but hope no any more after ready this article.