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What You Need To Know About Condo Living Before You Take the Plunge

Contributed by Sussex SEO
February 8, 2019

The condominiums are gaining in popularity. What is so seductive in such a way of living? Affordable purchase price, low maintenance required, security in case of absence, low taxes and heating costs, as well as, the recreational services offered (swimming pool, terrace on the roof, exercise room, etc.). But sometimes not everything looks rosy. In this article, you will learn the essence of what you need to know about condo living.

The condominium real estate market is favourable to buyers. Why not take advantage of this wave in your turn? After meeting with your financial advisor to know your borrowing capacity and get a mortgage pre-approval, the perfect condo hunt can begin!

Take a portion of a whole

By buying a divided condominium, commonly known as a condo, you become the owner of a private portion for exclusive use. This usually includes your apartment and, depending on the case, a parking space and storage space. You also own a fraction of common areas, such as roofing, windows, hallways, elevators and balconies. Some of these parts, such as balconies, can be defined as 'restricted use'.

The advantages of buying a condo

Condos offer many benefits: a maintenance-free lifestyle, the ability to lock the door and go on vacation regardless of who will clear the entrance or cut the lawn. All of these benefits are specific to condos.

For active single people and couples with demanding careers, condos, which are often located in convenient, centralized or near-the-job locations, offer the benefits of ownership without the burden of the tasks required to maintain a hose. The condos offer facilities such as swimming pools, gyms, saunas, indoor parking or relaxing tunes. However, owning a condo is fundamentally different from owning a house, and there are certain factors to consider when buying a condo.

Co-ownership divided

Most of the time when we refer to condo ownership we speak of divided condominiums. In this case, you own the walls of your condo, the floor, the ceiling and all that is there. You can also have your own storage space and parking space, to which a different unit number will be assigned. You could then sell your parking space without having to sell your condo and vice versa. If you are wondering how to sell a house, you should know that getting help is most likely necessary. If you are going to live in your condo as a principal residence divided into co-ownership, you can generally finance your purchase at 95% with the bank of your choice. The exception is for new builds where developers may require a larger down payment or finance your mortgage with their lender. When you make an offer on a condo, there are also other documents to analyze in detail that don’t exist when you buy a house.

Errors to avoid

There are many mistakes to avoid when buying a condo, starting with the neighbourhood. If you're used to living in the shopping area, buying a condo in a very quiet area, for example, might not be the best option for you. It is also important to have it inspected before signing, to learn about condo fees, to take references from neighbours, to visit the surroundings day and night, to avoid unpleasant surprises.

In short, a good piece of advice is to be accompanied by people who have experience in the field of condos during your visits. That is why you should book a tour with an experienced professional who can guide you.

Declaration of co-ownership and building regulations

It is important not to neglect reading the declaration of co-ownership and settlement of the building, which is often an integral part of the declaration of co-ownership. These documents contain useful information, among other things, about the restrictions that may govern the condominium, such as the ban on pets, the installation of a barbecue on the balcony or even removing the carpet from the floors to replace it with wood.

Verification and analysis of these various elements will give you a better idea of the real cost of your acquisition and the annual fees that will follow in addition to ensuring that the documents governing the condominium do not contain any restrictions that may put a shadow on your purchase plan.


Tags: Expats | Property Investment



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