Ready to buy a condo?
If you are ready for to make the lifestyle change to a condo, the steps involved are the same as anyone else looking to buy any home. Condos offer a convenient, low maintenance lifestyle, that attracts buyers from all walks of life. There are some major differences between owning a tradition residential house and a condo, below are some of the major differences to keep in mind. If you want to find out more about the 5 steps to buying a house click the button below, or keep reading to find what advantages you have as a future condo owner!
Condo Fees
When you purchase a condo you will have to pay a pre set monthly fee commonly known as condo fees. These fees can cover anything from landscaping to hydro and taxes, each condo will have different fees and include different goods. Most condo fees include your contribution to reserve fund, insurance-common area, landscaping / snow removal, but others may also include central air, heat, hot water, hydro and even yearly taxes.
Maintenance
For most a owning condo will be less work then a traditional home however that doesn’t mean that you will have no maintenance at all. Each condo will have different rules on what they are willing to repair and consider common elements, but to be safe except to pay for any repairs that only effect your unit. Typically your condo corporation will cover landscaping, roof repairs, maintenance on foundation and parking.
Amenities
Each condo will have different amenities and common spaces, however most will have some form of common space. In certain condos you may find a gym, pool, hot tub, entertaining room, laundry room, and community kitchen, and in other you may find no amenities. In most cases the more amenities your condo has the higher your condo fees will be as upkeep on such amenities is mandatory regardless of if you use them.
Condo Types
A common misconception about condos is that that are only apartment style buildings however this is simply not true. The most common styles of condos are bare land attached or detached, townhouse and apartment-style. Each style has it’s own unique advantages over the others however what style suits your needs best will be up to you to decide.
Management
Each condo will have their own set of rules, managers, and board of directors. In short, all rules are determined by the board and can be changed anytime. Many condos are managed by professional property management companies, when you look at condos it is important to insure you like the property management company in charge. The board of directors represent the owners, they are responsible for making all major decisions regarding the maintenance of buildings and grounds, condos’ finances. The board must also uphold and enforce the Condo Act, and rules.
Reserve Fund
A reserve fund is a savings account for special expenditures that may come up in the future. All monies in this account have to be placed in easily accessible and safe investments, such as GICs or government bonds. Before you purchase your condo you will want to ensure your building has enough money, on hand, to cover any major repairs such as a new roof or foundation.
Cooling Off
In Manitoba, once you buy a condo you have a 7 day cooling period. What this means is you have 1 week to cancel your contract should anything be unsatisfactory to you. The cooling-off period starts the day when the seller gives the buyer the required disclosure documents.
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