Condo Living

July 24, 2024 Published by London and Area Chapter - By Trish Kaplan

Education is Magic When You Are Buying Real Estate

From the CCI Review 2023/2024-4 June 2024 issue of the CCI London Chapter

Don’t go it alone! Every mission requires due diligence in advance. Buying a home is a complicated process. Don’t let anyone tell you otherwise. Naturally, you can learn by your own errors, but why would you? Believe me, it is so much easier to learn by others who have made them already. Let this experience and journey be a pleasant one for you. The more you know in advance, the easier the decision-making might be.

You can initiate your magic at the starting gate by creating a preference list of what is clear in your mind – needs first. Of course, you can dream and add to your list of wants into the discussions, always understanding there will be compromises to be made to make allowance for them financially for your family. Rarely does any one potential home purchase check every box you have created. Do make your list though, that is important in your process and to use with the professionals you will work with.

Questions that you might well consider in advance:

• Is a sale of your current living space dependent on what you can provide for your down-payment?
• Is there a particular area/location that you wish to be in?
• Location is often the primary discussion for families. Are the needs of availability and proximity to amenities (i.e., travel time to work, daycare, schools, and even entertainment establishments etc.) that you require in the area easily accessible?

Your responses would guide you in the beginning of your search and your decisionmaking plans; however, having your wants and needs illustrated will also be important. Other questions to consider in advance will be helpful to the experts you reach out to.

• Are you upgrading to a larger space?
• Are you downsizing for less space and less maintenance to attend on your own?
• Do you want move-in ready OR do you have appropriate finances and experience to facilitate renovations properly?
• How much of your current lifestyle would you prefer to hold on to?

To avoid disappointment before you commence a viewing search, the critical first step in the process is financial, the down-payment and what you can afford in a monthly mortgage payment, coupled with recurring debts and household expenses and savings for maintenance and major repairs. No one likes or wants to be house poor so be honest with yourself.

If you would prefer to do an online search of available listings, you can visit here.

Do reach out and use the appropriate experts in the beginning. There are experts in the field who can help you navigate the road, step by step during the process. Remember, this may well be the largest investment you will make and all efforts to a positive result is most definitely recommended.

Finding the right estate professional that will be a good fit for your family to help you with your search and the fundamentals of the purchase is significant. Other professionals you are acquainted with might also be of assistance. Alternatively, reach out to friends whose advice you value and trust. If they have recently purchased a home can be more than helpful. Being prepared, organized and knowing the right questions to ask will help you with the decision to engage a particular realtor. As you are aware, sometimes a conversation can determine a great fit.

During the journey, a condominium property may be welcome. Contrary to some mindsets, ownership in a condo has the same equity building options as a single family dwelling and may be considered as a good start in your home buying strategy. Factors to be considered, include on-site amenities, shared cost to what you are buying, maintenance responsibilities and upkeep of the property that you are a shareholder of. The professionals you engage should be familiar with condominiums if that is the road you wish to take. It is significant that condominium credentials are included in their practices.

It’s true, not everyone is suited to the condominium lifestyle. Some will find that out too late, unfortunately. Therefore, it is recommended that potential buyers take advantage of the opportunities to conduct more diligent study into what may be a new lifestyle for them, or if they are pursuing a purchase as an investment. An acquisition of a Status Certificate will be conditional on the purchase. It is important that the buyers review it carefully.

Understanding that condominium living comes with important rules and responsibilities will make the journey into the lifestyle more acceptable if information is shared with potential buyers. The resources available from the Condominium Authority of Ontario (CAO) is a great start for all potential buyers to learn in advance. It is a consumer protection agency that provides information, education and dispute resolution services. Visit the website here.

The Condominium Act is a consumer protection legislation that regulates condominium living in Ontario. Condominium unit owners, residents and corporations must comply with it and governing documents must not contradict it.

Ownership in a condominium comes with benefits and guidance; rights and responsibilities; information on how the board works and ways to solve issues and how to get involved. This guide can be most helpful. The presentation of the Condo Owners’ Guide can be found here.

How does the Canadian Condominium Institute (CCI) come into the mix? CCI is not a legislative body in the industry so cannot provide advice that falls under the jurisdiction of those authorized within the condominium industry. We can, however, continue to provide education through our seminars, courses and in our publications. We can also direct you appropriately when the need arises. We encourage all potential buyers and suppliers of goods and services to see what we have available to you by visiting our website here.

May your search be successful and may your dreams be fulfilled.

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Trish Kaplan, CCI (Hon’s) is the part-time Administrator of the Chapter.; having served in the position from April 2003 to September 2010. She received the CCI Distinguished Service Award from CCI National in November 2006.

Trish served as a director on the chapter board from 2010-2015 and was subsequently returned to the position of Administrator.

Trish is a condominium owner, served as a director in the corporation she resides in for a time and is a retired condominium manager. Her experience in different areas of condominium continues to be a benefit to the chapter and its members.