Buying a Condo

What is a Condo?

So you have decided on buying a condo! But what is a condo?

A condominium (also known as Strata or syndicates of co-ownership ) is an ownership concept. The condo can be any style of home: apartment high-rise, townhouse, or detached home. A Board of Directors, elected by the individual condo owners, has the responsibility for the management of the property.

Condominium ownership consists of two parts: The unit and the common elements. The unit is the part of the residence where you live: kitchen, living room, bedrooms, you get the idea.

The common elements consist of those parts of the property that are available for use by all the residents of the condominium such as lobby, hallways, elevators, pool, games room, lawn areas, walkways, mechanical and electrical services.And, of course, since you have part ownership in the common elements you have a share in paying for their upkeep: maintenance fees.

Reasons for Buying a Condo

1. Maintenance free: A maintenance company is usually employed to look after the common elements. You look after the inside of your unit. There are many variations as to what the maintenance company is contracted to maintain.

2. Lock the Door and Leave: Yes, going away to Florida for 3 months couldn’t be easier – just lock the door and leave.Most condos have excellent security.

3. Amenities, social club, pool, exercise and games rooms, party room and maybe starbucks near by for an early morning walk and a coffee.

4. Rules and Restrictions: There can be rules regarding noise, pets, parking, bar-b-ques on balconies, for sale signs.


Finding Your Condo

To find out how much you can afford to buy that condo read cost and financing.To find that perfect place to live, check out the pages: neighborhood and sustainable living.


Questions to Ask When Buying a Condo

1. What is included in the purchase price?

2. What other costs will there be when I take ownership?

3. What is the monthly maintenance fee and what does it include?

4. How much of the monthly fee goes to the Reserve fund?

5. What is the financial status of the Reserve fund? The reserve fund is money to cover long term costs such as a new roof, repaving of the parking lot, and replacement of other common elements fixtures.

6. When can the Estoppel Certificate be available? This is a document giving all the rules, restrictions, on going or pending law-suites, and financial status (reserve fund) of the condominium. Your real estate lawyer will examine this document and advise you as to its viability. You will have to pay about $200 for the Estoppel Certificate. Canadian Condominium Institute is an independent, non profit organization that assists in research, education, and information.

And now you are ready to move see the page planning a move.

Enjoy!

buying a condo to Home Page

Buy a Home Guide

Real Estate Purchase Agreement Explained