20 Questions to Ask Before Buying A Condo

July 5th, 2016 Posted in Economy|Mortgage 101

Condo Buyer's ChecklistPoints to Consider When Buying A Condo

Condo Buyer’s Checklist/Points to Consider When Buying A Condo

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Canadapersonalfinancewebsite.comwebsite (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Nov 5, 2011

Condo living can be rewarding with minimal headaches. However, it is not for everyone. Today, I am going to present some questions that should be answered and looked at to help you before making any condo buying decisions.

1. Know why you want a condo and if condo living is for you.
2. When you live in a condo, there are rules and regulations you have to live by. Ask yourself if
   you will be fine with these rules and regulations and giving up some freedom when compared to
   living in a house.
3. Condo living is associated with paying ongoing fees (maintenance fees). Make sure you
   understand how these fees work and if you will be paying these every month.
4. Is the location right for you? Is it close to those amenities that are important for you?
5. What types of facilities or amenities is the condo giving you? Is it too much or too little?   
   Beware of condos that offer too much. For example, there are some condos in Toronto with
   their own bus services to the station. However, I won’t live there because maintenance fees
   will be too high for the obvious reasons.
6. Does it come with a parking space and a locker or you need to pay for them additionally?
7. Are there any restrictions on occupants? Will you be able to rent out your unit?
8. How many pets are allowed?
9. Is the condominium price reasonable?
10. Are the monthly condo fees (maintenance fees) reasonable?
11. What the condo fees cover and what the fees don’t cover.
12. How old is the building?
13. Who is the builder and is this builder a reputable company or have they had bad records or  
     problems in the past?
14. Is the building in good shape and durable? Does it look attractive?
15. Does the building and surrounding area look clean, neat, and well maintained?
16. Is the condo corporation in good order and are there no legal claims or judgements?
17. How are the condo finances? It is well managed or is the condo board is wasting money?
18. What is the owner-occupied and renter-occupied units proportion?
19. Is the building energy efficient and is a functional fire protection system in place?
20. Will this purchase make you happy living in your unit so you don’t need to look for another condo after 6 months? How many years you are looking to stay in this building?

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