The Condo Option

When it comes to housing preferences the condo is certainly a good choice for those whose families have moved on and who would rather not be taking care of a house, the lawn, the snow shoveling, etc.

One of my sisters has been living in a larger 144-unit condo complex for more than two decades and has acquired a lot of condo-related experience. When I asked her what anyone looking into buying a condo should know, she had some interesting advice.

 Cost: Before putting in an offer on a condo unit, be sure you understand what your costs will be. A condo may be an apartment, but it becomes your personal property which the municipality will tax just like any other real estate.  And when you live in a condo someone has to be paid for the care and maintenance of common areas, and that’s where the monthly fee comes in.  It covers care and upkeep of hallways, stairs, lawns, etc. as well as keeping the contingency fund at an appropriate level to cover major expenses such as roof repairs.

History: Prospective condo buyers would be well advised to get a clear picture of the history of the building. If built some years ago, what have the major problems been? And how were they tackled?  If you are looking at a new building or are buying sight unseen from the builder’s plans, be sure you understand the builder’s guarantees should things not live up to your expectations.

Management: Part of the condo fees are used to pay for the management of the building. It can either be an owner-manager or an outside firm. The best way to find out if management has been satisfactory is to ask to read the minutes of the last two general meetings of the condo co-owners. This should be done before an offer is made so that you can assess what problems have come up or what problems are bound to come up.

Be neighbourly: Potential condo buyers should talk to a few people in the building to get a sense of the atmosphere. If you don’t like dogs, would you be happy if some co-owners have large dogs? Will one of your neighbours be a musician who practices at all hours? It’s a good idea to find out what the people in the building are like before buying.

For women: Many condo buyers are women who have become single as a result of a divorce or are widowed. Many have never purchased real estate by themselves and as novice buyers should be especially careful. Examine all aspects of the transaction with a trusted friend, family member or even a lawyer before purchasing.

Caveat emptor certainly applies here.