There are plenty of good articles on how or why you should (or should not) buy a condo. If you are considering the purchase of a condominium, there are a number of important issues and questions you should be looking into. Here is a compilation of some of the important aspects of condo living:
Pros and Cons of Condo Living
What Everyone Should Know About Condo Ownership (But No One Tells You)
I took one look at the sparkling new kitchen and fancy mosaic backsplash, and I was ready to sign my life away. Like many buyers, I had a list of criteria for my new condo: one bedroom, washer and dryer in the unit, assigned parking, and it had to be pretty. As a responsible homeowner of a pretty condo, I attended my first annual meeting. I was nominated and elected to serve on the board as president. Fast forward one year later, and I’m less than enthusiastic about my title as homeowner and president. What Everyone Should Know About Condo Ownership (But No One Tells You)
In this article, the writer explains that YOU, as a condo unit owner, have a responsibility to get involved in how the condo is managed and run. This does not mean you have to be on the board, but you should get involved in voting, making your voice heard, and making sure that the board acts in the best interest of the owners. Just sitting back and letting others run the show is not a great way to own a condo. The board could be making decisions that affect your resale value in a negative way.
5 More Things Everyone Should Know About Condo Ownership (But No One Tells You)
We’d all like to assume the board members and management read the governing documents — but if you didn’t read them, they probably didn’t either. The only people I find who consistently read governing documents are lawyers, the occasional insurance agent, and me. READ THEM, even if you have to read them with a glass of wine. READ THEM. 5 More Things Everyone Should Know About Condo Ownership (But No One Tells You)
Here the same author goes a little further, pointing out that since the owner only has 1 vote, if the majority rules in a different direction, you might have to learn to live with the decisions. Condo-living does have it’s perks, but it also has compromises. Noise from neighbours or owners not keeping their place as nice as you do, are just a couple of examples of things you have to accept if you buy a condo.
Essential Homework Before Buying A Condo
A condo is basically like buying an apartment, but you own the interior airspace. You own only the space inside the unit you purchase, not the land below — the major difference between a condo purchase and a single-family home.
Unfortunately, if funds are mismanaged or the HOA fails to levy a sufficient monthly fee to allocate for needed maintenance items, what can result is one or more “special assessments” — a one-time charge assessed to each condo owner to cover exterior maintenance or major repair such as a new roof or plumbing or electrical work. Essential Homework Before Buying A Condo
This article cautions about the 3 potential down-sides of owning a condo:
- You could end up paying a ‘Special Assessment’ for emergency repairs
- Someone could bring a law-suit against the condo corporation
- If regular maintenance is not done, property value could drop
6 Reasons Why Buying a Condo Might Be the Perfect Choice for You
If you plan on buying a home, then you should know that there are plenty of options available. Variety is one aspect the real estate market is definitely not lacking in.
One of the options you have is to buy a condo. This is a great alternative if you want your own place, but can’t quite afford or simply aren’t interested in buying a house.
A condominium is usually defined as a large property complex divided and sold in individual units. What this mean is that you’ll own some parts privately (your residence). However you also share ownership with all of the condo’s residents when it comes to certain common areas
This article describes 6 reasons why buying a condo might be the right option for YOU. Some of those reasons include
- Great Value
- Use of Amenities
- Sense of Community
While condo living is not for everyone, it’s perfect for the right person.
Questions to Ask Before You Buy a Condo
Buying a condo can eliminate a slew of the stresses that come with homeownership. The units usually cost less than a traditional home. The shared maintenance will see you kicking back while someone else tends the landscaping. Typical amenities like a pool or tennis court aren’t too shabby, either. Questions to Ask When Buying a Condo
Excellent article outlining some of the main questions you should ask before you buy a condo. Questions include:
How much are the fees?
Is there a pending lawsuit?
What are the rules?
Are there any upcoming special assessments?
Can I see the financial statements?
Although some of the articles above may sound or seem scary, buying a condo is a great way to get into the real estate market. Buyers just need to know the ups and down of condo-living.
If you’re planing to buy a condo, contact me for a free consultation.
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