Condos have a lot to offer in terms of security and maintenance but unlike buying a house, purchasing a condo unit means that you are sharing your property with other owners. Before rushing out to buy a Condominium you need to understand that all Condos have Rules and Regulations which means that some things you take for granted in a freehold (no shared ownership) dwelling may be restricted.
Things that you need to consider before buying a Condo.
- If you have a pet, you will need to know if Fido can move in too
- If you love to BBQ, don't count on being able to do this on your balcony. If you purchase a unit with a terrace, it may be allowed, but generally most buildings do not allow any BBQ's on the balcony.
- If you like to conserve energy, some condo's share the cost of hydro and/or gas which means that you are paying for somebody else's inefficiency. Check what is included in the maintenance fees for what utilities are shared.
- Are you going to use the facilities that you are paying to maintain?
- Where will you wash your car? Some buildings do have a car wash area
- There is a parking spot but no garage - can you live without one? Storage units are generally small and you will need it for seasonal storage.
Buying A Condo Town?
Consider the number of stairs you will need to navigate to get to your bedroom, or move between rooms Will my condo fees include access to amenities in a neighbouring complex?
Living by the Rules
The Rules for every condominium are set out in the Rules and Regulations as decided by the Condominium Corporation. If you are buying a resale unit, you will be able to review all rules before you purchase in documents contained in the Status Report. If you are purchasing a new condo, make sure the rules are clearly set out before you sign any agreement.
