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Purchasing A Condominium
Purchasing A Condominium
Condominiums are units in a building that many times look exactly like an
apartment, however, they are sold individually as if they were a house. Although
you will own the living space, the rest of the amenities such as a pool, lounge,
laundry room, etc., are owned and used by everyone living in the condominium
building.
Many people find the idea of owning a condominium attractive because they get
to have ownership, yet they don’t have to worry about thing like maintenance of
the grounds. They are usually popular in areas where houses tend to be
expensive, or for singles or couples who don’t need the space in a full house.
However, owning a condominium is quite different from owning a house in
several ways. Therefore, there are several things to consider before purchasing a
condominium. Here are some tips to consider when you are thinking about
buying a condo:
Another vital thing to know in advance is how the management team does
business and if they are easy to deal with. You surely wouldn’t want to live
somewhere that the management team is not friendly or doesn’t reply to
problems or requests in a timely fashion. Find out if the place is self-managed or if
there are property managers.
If there aren’t any property managers if means owners make these kinds of
decisions together. That could mean lower monthly dues, but depending on the
views of your neighbors, it also could bring its own kind of problems that may not
happen if there are dedicated property managers. Likely you would want to have
to live next door to a neighbor whose vote went against you in some sort of
disagreement, so that could be a con in a self-management situation.
7. Find out the condo’s reputation
Yes even a building can have a good or bad reputation. You should ask the realtor
how desirable the units in your building are. Ask things like how long it takes for a
unit to sell, and if the unit seems underpriced, be sure to find out what the reason
is prior to buying it. What’s doing on in that neighborhood? Is there going to be
any new construction or demolition? What businesses are there or could be
leaving? All that can play a large part in the livability of the place. You don’t want
to find out something is majorly wrong after you signed on the dotted line.
___________________________________________________________________________
Claudia Davis,
Condominium Specialist
Condos For Sale
Toronto, Ontario
Full Service Realtor,
SKYLIFE Real Estate Inc
Agent at SKYHUB Canada
905-999-7774 ext. 4022