Condos offer a stable amenity-induced environment at an affordable cost. For many Canadian families, condominiums are perceived to be a much better option than single-family homes. When shopping for a condo in any of Canada’s cities, it is imperative to have an idea of what you are getting into before taking a plunge. Read on to learn more about condo ownership.
What is a Condo?
You need to understand what a condo is. Ideally, condos are individually sold units within a communal complex. They look like apartments; only that different people own the units. Also, most condos have several amenities, such as swimming pools, gyms, lounges and playing area which are collectively owned by the complex’s owners.
Condos are mostly found in areas with high property values such as in big cities or vacation destinations. Condominium units in these areas tend to be less expensive than single-family homes, and this makes them ideal for individuals who want to own property in these prime areas, but they cannot quite afford a home.
Buying a condo can be likened to joining a business partnership where you collectively own a building. In light of this, most condos have a homeowners association. This association is often given the mandate to manage the complex. They come up with special rules and restrictions aimed at managing the complex. These rules differ, and it is essential to be well aware of these rules before buying a unit.
Buying a Condo
The number of condos in Canadian real estate is increasing at an unprecedented rate. With the options available, however, buying a condo requires you to do some due diligence. You need to look at things such as the purchase price, quality of amenities, the neighborhood, and the condo’s association budget.
After you have found a condominium and you are ready to take a plunge, the most important thing to do is to find the money to finance this investment. If you need to take a mortgage, like what people do, you should provide your lender with some board documents. Notably, some condominiums association conduct interviews before approving the sale.
If you are planning to buy a condo, it is imperative to do due diligence. Doing your homework before taking a purge goes a long way to ensuring you get what you want. It will also help you unnecessary surprises in future.