Things To Think About When Buying a Condo

(February 22, 2015 )

Strata Management Companies
Do some research first so see if there is a strata management company for your building. It's a concern if there is no history of a property management company or if there is one that has changed several times.

Condo buying - Timing
If you are a buyer or an investor, remember to consider how long you plan to live in the condo in relation to the cost of ownership. You want to avoid having to pay for repairs on the 'bigger' items in and around the household; appliances, roofs, garage etc. If you can buy into a building with a few years already on it try and buy after those repairs if possible.

Leaky Condo Issues
Condo owners have been forking out a lot of money to have these buildings fixed. Do your research on when the last repair was or if your building has been affected.

Voting Based Decisions
When buying into a condo you're buying into shared living. All common areas inside and outside of your building will be repaired or replaced according to the majority vote of the residences of the building.

Responsibility as a Condo Owner
If you're going to want to install or change something, be sure to check with strata first to see what is allowed and what is not allowed before buying. Make sure you are prepared for emergencies, whether it be flooding, stolen items from your car, or any repairs that may be something you have to pay for.