Condominiums, have a lot to offer in terms of security and maintenance but unlike buying a house, purchasing a condo unit means that you are sharing your property with other owners. Before rushing out to buy a Condominium you need to understand that all Condos have Rules and Regulations which means that some things you take for granted in a freehold (no shared ownership) dwelling may be restricted.
Things that you need to consider before buying a Condo.
If you have a pet, you will need to know if Fido can move in too
If you love to BBQ, don't count on being able to do this on your balcony. If you purchase a unit with a terrace, it may be allowed, but generally most buildings do not allow any BBQ's on the balcony.
If you like to conserve energy, some condo's share the cost of hydro and/or gas which means that you are paying for somebody else's inefficiency. Check what is included in the maintenance fees for what utilities are shared.
Are you going to use the facilities that you are paying to maintain?
Where will you wash your car? Some buildings do have a car wash area
There is a parking spot but no garage - can you live without one? If the unit comes with a storage unit, they are generally small and you will need it for seasonal storage.
Buying A Condo Town?
Consider the number of stairs you will need to navigate to get to your bedroom, or move between rooms. Will your condo fees include access to amenities in a neighbouring complex? Who pays when windows need to be replaced or the shared roof needs new shingles?
Living by the Rules
The Rules for every condominium are set out in the Rules and Regulations as decided by the Condominium Corporation. If you are buying a resale unit, you will be able to review all rules before you purchase in documents contained in the Status Report. If you are purchasing a new condo, make sure the rules are clearly set out before you sign any agreement.