If you’re in the real estate market and looking for minimal maintenance requirements or working with a smaller budget, chances are that you have already started to consider purchasing a condominium. Condominiums have a lot to offer both first-time buyers and those looking to purchase real estate without taking on the full load of responsibility that comes with a house, but they also come with a unique set of pros and cons that should be carefully considered by first-time condo buyers.
Here are three unique things you will encounter in condo ownership that set it apart from house ownership:
1. Condo fees
Condo owners must pay regular maintenance fees to repair and upkeep the condo building. With these fees, you ensure the continued maintenance of your building’s facilities. In the case of unexpected or large maintenance issues, however, you may be required to pay additional fees, as determined by your condo’s board or association. Your fees may also go towards amenities that you do not use, like the indoor gym, for example.
2. Condo board or association
Condo buildings are managed democratically by a group of people, usually made up primarily by residents, and sometimes with representation by the property management. The group is responsible for making decisions about the building management, and usually needs to be approached for approval for issues like renting your condo out or performing renovations.
3. The rules
The condo board or association also regulates and enforces the buildings rules – also known as conditions, restrictions or covenants. The rules cover anything from pet ownership and noise restrictions to what type of decor is permitted in building windows.
Before purchasing a condo, you’ll want to do your homework and make sure you know exactly what the rules and expectations are so that you understand if the building is a good fit for you. Here are a few tips about what you need to know:
- Talk to the neighbours. If you’re feeling outgoing, take a few moments to talk to some of your would-be neighbours to ask them what they like, or don’t like, about the building and its management.
- Find out what the rules are. Maybe you like to go all out at Christmas, but the condo board has banned Christmas lights. Understanding the building rules will help you understand if it will be good fit for you.
- Check out the condo board. Talk to your real estate agent about how you can make sure the building’s finances are all in order before you move in.
- Finally, have a lawyer go over the deed.
Once you’ve found a good building and carefully weighed the pros and cons, you’ll find that condo living can be a very rewarding way either to get into the real estate market, or to enjoy the simplest form of home ownership.
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
Image: Paul Sutcliffe / FreeDigitalPhotos.net
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