Alright, so you’ve decided that condo is the best choice for you. You love it, it perfectly fits your lifestyle and you want to buy it. STOP!
Before you jump into that, make sure that you look into these key things when buying a condo.
First, CONDO fee – As an owner, you will pay a monthly fee that is your share of the operation and maintenance of the condos common property elements. You need to know what is and isn’t included in the fees – Is snow removal and landscaping included? How about parking or property management fee? You have to know this, because condo fees are payments on top of the monthly mortgage you pay your bank. And if there are things you need, but are not included in the condo fee, that means you have to pay for that.
Next, RESERVE Fund – When you pay your condo fees, a portion of the amount is allocated to a Reserve Fund. This fund ensures that the condominium has enough money to pay for major repairs and replacement of common elements. It could be the roof, sewer, plumbing, sidewalks, depending on the type of condominium. It is very essential that a condo has healthy reserve fund. This reduces the likelihood of you contributing additional funds for special assessments, or at least minimal contribution to one if it happens.
Another thing, ask questions about any anticipated special assessments. Is the condo corporation renovating an entire parking lot? Is the complex due for a roof replacement in the next 4-5 months? You have to know this because the funds that will cover these expenses will be coming from the reserve fund, and if insufficient, the condo unit owners.
Finally, consult with your lawyer. Condominiums have declarations and bylaws which usually are pages and pages of documents containing all the rules and responsibilities that each unit owner has. All the meeting documents as well as minutes will be included in the package that you will get as a condo unit owner.
I hope this information helped you. If you have more questions, feel free to reach out to me. If you are planning to buy or sell your home, GIVE ME A CALL. Let’s chat and make the move.
Scarlet Cirio, Your Winnipeg REALTOR®
431.335.4285 | info@scarletcirio.com
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