Vital Questions to Ask Before You Buy a Condo

A lot of people love the condo lifestyle. It’s not surprising really considering all the amenities you can enjoy. But before you start looking for condos for sale in Toronto, here’s a list of questions you need to ask to help you find the right property:

  1. Who is the condo developer?

Choosing a reputable condo developer can help you avoid headaches later on. Make sure the developer is known to use high quality materials for the construction of the building and its facilities. Also, make sure the company has a track record of completing projects in a timely manner. An incomplete condo isn’t worth much.

  1. What are the biggest issues concerning the condo?

What kind of issues are the occupants griping about? Is the association quick to provide resolutions or are the problems not getting fixed at all?

  1. Who manages the condo?

It’s best if you can schedule an interview with the condo manager so you can get to know this person and determine if he/she is competent and helpful. You should also talk to your potential neighbors about what they think of the building’s management.

  1. Do they provide additional storage space?

Some condos may provide residents with a personal storage space so find out if you’ll be provided a place where you can store bikes, winter skis, and other items you don’t use frequently.

  1. What’s covered in the association’s insurance policy?

Get a copy of the policy and determine what things are covered and check if the rebuild estimates are accurate. Also try to find out if the policy covers the occupants’ personal belongings in the event of fire or leaks.

  1. What’s included in the monthly dues?

The condo’s association fees are computed based on the number of units in the building, the cost to maintain the property, and who runs the community.

Get a breakdown of the fees so you’ll know where your money is going and if there’s money being set aside to pay for major repairs.

  1. What are the condo rules and regulations?

If you have a pet, you need to check with the management if they allow pets. If you plan to rent out your unit, then ask if there are rules regarding rental properties. Make sure it does not have any guidelines that you can’t live with.

  1. Is there any active or pending litigation?

It happens in many condo communities. Owners may sue the management or developer. Owners may sue other owners. It’s important to check if the community has any active or pending lawsuit as this may signal that it’s not being managed properly.

A condo is a considerable investment. Whether you plan to buy a condo so you can move into a new home or you want to rent it out, it’s important that you look into every detail and leave nothing out during your research and assessment. By doing due diligence, you’ll have a much better chance of finding the best condo for you.

 

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