Here are five things to check before committing to a condominium:
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Phone a friend: imagine renting (or worse, buying!) a condo only to discover it has limited reception. This is a huge issue and one that is easily avoided. Stand in different rooms or areas of the unit and check it out for yourself. If not, you could find yourself “enjoying” your balcony more than you ever thought possible!
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MSN.com recommends taking a look at the board minutes from the most recent meetings. If everyone was complaining about the faulty plumbing or the gardener’s absence, you know that the complex is having management difficulties. Even if there aren’t complaints, reading the minutes will reveal the kinds of projects that are under way, including those that the seller may not have mentioned.
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So you’ve bought the condo, signed the papers, moved in, and are about to enjoy your first night’s sleep in your brand new place… that is, until you realize a midnight train rumbles through like clockwork every night or your neighbors are total party animals. Try and check out the place at different times of day—maybe even speak to some tenants—and get a real sense of what’s going on before you commit.
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Read the Reserve Fund Study: as the CBC reports, Reserve Fund Studies are mandatory for all condo corporations. The purpose is to ensure that the condo board has enough money in reserve to pay for any repairs or replacement of the building and its assets. (For this reason, it’s not always a good thing if a building boasts “low condo fees”.)
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And finally, don’t jump in head first without a snorkel! Sure, the idea of living in a brand new condo with a full party room, swimming pool, gym, and BBQ lounge might sound appealing, but don’t be swayed in one direction or another. Ask yourself if you’ll really make good use of the amenities or if, perhaps, there is another condo more suited to your lifestyle. Take your time, your perfect condo is out there.
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