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Should it be a big building with many amenities such as a gym and a pool and a concierge, or is a
small boutique building all you need?
For many people, condos are the perfect alternative to houses. They are often people's first foray
into the housing market. They are many people's move to easier living once the nest is empty.
Condos play a vital role in Toronto's housing picture. With condos, there's no snow to shovel, not a lot of maintenance, yet in most cases you can alter, redesign and redecorate to make the space uniquely yours.
I can, and will, guide you through your condo purchase. Although there are many similarities to buying a house, there are many differences as well. There are a different set of criteria you should be looking at with a condo.
Does your maintenance fee seem high yet it includes heat and hydro, and a comparable one has low maintenance fees, but doesn't include heat and hydro? What are the status documents? How much is that parking spot worth. These are all things I can help you with, so that at the end of the day, when you're listing or buying, you can be certain that all the details have been looked after.
I have enclosed a link here that answers all you need to know about condo buying - this is a 32 page PDF that should answer all of your condo questions in detail. I've also listed a few of the most frequently asked questions below.
Frequently Asked Questions
What are Maintenance Fees?- Maintenance fees are one of those things that condo owners pay for a few reasons. First of all, they go towards the day to day upkeep of the building. They cover the snow shoveling, the plants, - that type of thing. The fees also contribute to a reserve fund which is put away for larger scale things like roof repair, or building maintenance. For example, if the carpets in the halls have to be replaced every twenty years, you want the money to be available to do this, and this is covered by building up the reserve fund.
What are Status Documents and why are they important?- These are documents that basically give a snapshot view of the state of the condo corporation as of a certain date. They say how much is in the reserve fund, what major purchases are being saved for, what the rules of the condo corp are. They're usually reviewed by your lawyer prior to purchase, but if you have specific concerns, they are usually addressed in the status documents.
Pets or no pets? This is something that is addressed in the rules of the condo building. Many condos allow pets, but on a restricted basis, quite often by type of pet, or weight. In other words, you may be allowed a 10 pound dog, but a 10 pound boa Constrictor or Alligator may be a bit of a problem. Once again, we would have to check this out before you buy.