Important Questions to Ask When Buying a Condo

If you are on the hunt for new condos in Toronto or other places in the world, make sure that you are making the right choice. To help you do it, you should be asking the right questions. In this article, we have some top inquiries that you should be asking when buying a condo.

 

What do I have access to?

condo area

This question is probably one of the most common questions any potential condo resident will have in their mind, and this should be one of yours too. Before deciding on buying a condo, you need to find out about the facilities that it offers.

Ascertain whether or not you are provided with storage space, parking, access to public transit, laundry, and others. You should also find out about whether or not the building has a swimming pool, gym, rooftop, and commercial places that you can access.

What is the management like?

You need to know what the management system is like. Some are self-managed by the community. In most cases, condos usually have a property manager that manages it and makes decisions. A lousy manager can make it a miserable living experience.

You should ask about the management team to the condo manager that is available full time. You can also ask the residents there as well. Other than that, you should also ask what the biggest complaints are, as well as their complaint management system.

Do I fully understand the insurance policy and association fees?

calculating fees

Make sure to go over the details of the association’s policy, especially the insurance and the fees. Read through the association’s insurance policy thoroughly and find out what it covers. Check whether or not it will cover your personal belongings if there are leaks or if the condo catches on fire. If it doesn’t, then you will want to consider getting an insurance policy on your own, which will be an extra monthly expense.

Condo associations typically have monthly fees for their residents to put aside as funds for significant repairs and litigations. Ask for a breakdown of the monthly dues that you will need to pay. Ensure that you can afford this additional payment and that you comprehend what you’re getting for it.

What are the rules?

For different condos, they each have their rules. It is crucial for you to know what you can and cannot do in the building. They usually have a community rule that you should read line by line. It is vital that you understand them and comply with them to make everyone’s living experience tolerable.

Figure out whether the community allows residents to have pets, will you have a chance to plant various plants, are you able to rent out your unit, whether or not smoking is allowed, as well as which areas are off-limits. Make sure that you choose a condo that has rules you can tolerate and comply, and not choose one with regulations you can’t live with.