Purchasing/Living in a Condominium
A Lifestyle Change—Your First Condo Buy
From the CCI Review 2022/2023-1 September 2022 issue of the CCI London Chapter
You’ve worked to prepare, perhaps for the next chapter in your life, done the research and decided to purchase a condo. Congratulations! You are about to embark upon a rewarding lifestyle in home ownership.
In many ways - purchasing a condo is similar to the experience one has when purchasing a detached home, but you are also purchasing a share of the property’s common elements and have a proportionate responsibility for the upkeep of such. You also have the right (and it is definitely recommended) to examine the records kept by the corporation.
Some items that bear consideration when shopping for your ideal property include:
- getting a tour set up to view the complex and checking to see that it has all that you require (Example: Perhaps you want a clubhouse/meeting room as a must-have amenity.) At the same time, you might check out what is available in the area inasmuch as shopping, etc., that will make living on this property more enticing for you.
- understanding that more amenities will most likely come with higher condo fees associated with the maintenance. An indoor pool is more costly than not having one….though they are quite attractive to many!
- check into the overall costs associated with your lifestyle and see if it makes sense to pay for more amenities in your condo fees attached to ownership of a particular property. For instance - perhaps there is a gym included in your condo fees that will allow you to save the cost of a membership elsewhere.
- if you are a pet owner, look into whether there are restrictions that will affect you. Many properties have limits on the type, size or number of pets that owners may have.
- review the Rules of the corporation for any restrictions you may not be happy with.
- check the status certificate, including all of the documents that are included, prior to purchase. Among other benefits - it will give you a snapshot of the financial health of the complex you’re considering. Doing so will give you peace of mind when you’re able to purchase more confidently knowing that there is enough money sitting in the reserve fund to offset the costs associated with routine (and perhaps unexpected!) maintenance and repairs. (it’s especially important to make sure that there are no outstanding fees or liens against the unit).
- investigate whether the unit you’re purchasing includes a parking spot or any storage amenities on title (tied to your ownership of your unit) - or whether these are available to rent.
- review insurance requirements for condo owners. Many people believe incorrectly that since the condo corporation has a policy they don’t need their own coverage. Purchase condo insurance that works in conjunction with what the condo corp has in place and, when comparing quotes, ensure that the coverage is what you want and need.
There are so many perks and benefits to condo living! If you have questions about condominiums - reach out with your queries to your Realtor or call a friendly and knowledgeable professional at Revel Realty London for a free personalized consultation! 519-870-0887
Marcia Beaton , Head Coach, Broker is a highly motivated REALTOR® who will co-lead REVEL Realty’s foray into London With over ten years experience in the real estate industry, Marcia’s unwavering passion for serving her clients and working collaboratively with her colleagues has enabled her to build a strong reputation based on a commitment to excellence and elite service. Determined to help her clients navigate an often complex and competitive market, Marcia is empowered by a career background in sales, which has armed her with a plethora of marketing and negotiation skills. She strives to help buyers find their perfect properties and is tireless in assisting sellers promote their homes with the goal of maximizing investment value. Well respected by her peers and annually recognized with multiple awards, including brokerage recognition and community choice accolades, Marcia is enthusiastic, hard working, loyal and charismatic. Marcia is also very active in her community, volunteering as cofounder of Smiles4Seniors and serving with the London Police Service as an Auxiliary Constable since 2003. Contact her today for a no-obligation assessment of your real estate needs and the best experience as you seek to transform your real estate dreams into reality.
We welcome Marcia as a new professional member to CCI.
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