Is A Condo Right For You?

Is A Condo Right For You?

Once a rarity, condominiums offer a simple yet affordable entry into the home buyer's market. A condo can be appealing at first glance, but a potential buyer must do their homework before committing to this type of lifestyle.

Owning a condominium means you own the space within the walls, be it a detached structure, a townhouse, or an apartment. An association, made up of all unit owners, equally owns the exteriors. Therefore, you will be paying a maintenance fee towards the upkeep of these areas. Also, like a single family home, if something breaks, you have to fix it yourself.

When researching properties, there are many things to consider. Make a list of your specific needs and make sure to expand that list five years.

Take into consideration household changes, i.e. starting a family or growing teenagers. Most condos aren't known for their spaciousness, if you're starting a big family, a condo may not be for you.

Location : Buying a small condo in a good neighborhood is better than a big condo in a bad neighborhood. Why? Resale. Choose a condo with shopping, hospitals, transportation and good schools nearby to ensure value.

Amenities : Does the association offer an exercise facility, community pool, tennis courts, playgrounds or barbeque area? Many condos offer these amenities, but some are small and might not be ideal for those who like to entertain friends and family outside or those who need extra room for children's playtime.

Security : Make sure look into the building's security as well. Some condominiums have electronic gates that require a security code, doormen, 24-hour security guards and/or camera surveillance. Choose the condo that makes you feel safe, after all it will be your home.

Obtain the estoppel certificate : The estoppel certificate is vital for a potential buyer since it lets you know if the corporation is financially sound.

Obtain the minutes from the previous board meetings . With this you can learn of the financial, maintenance, and legal issues that are brought forth by the owners. Potential buyers need to be aware of re-occurring issues that haven't been solved like plumbing or security before purchasing.

Interview other residents . Finally, interview other residents of the building. Ask them how they like it, if they have any problems or concerns, and is the board appropriately handling their concerns.

Educate yourself about the property and ask questions, you'll be sure to find a home that suits you.

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Is A Condo Right For You?

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