Smart thinking around buying your condo

There are condo complexes being developed all around us. There is obviously something attractive about this kind of lock up and go lifestyle. You may be wondering every time you pass that unit on the way to the office, if that is the lifestyle choice for you. It would be a compact home where the management and maintenance thereof is looked after by an expert. It is the kind of life one would expect in a retirement village. With good security, a concierge and other club facilities like a gym and pool. You may also have it on good authority that buying a condo is a good investment for your money.

Let us go through a few important questions to put forward before placing your money down. Should you be at that point where you have made your decision to buy a condo, your next step is to gather all the correct information. Your first port of call will be the real estate agent with whom you work. A great deal of history about the developer and the complex can be gleaned from this source. Other sources of information are the people that will be your potential neighbors as well as the homeowners association.

Space and insurance

Some of the first questions coming into your head should be things like space and insurance. The reality of a condo complex is that these things are not as standard as in other dwellings. They do not come with attics, basements or garages. You need to check out whether you need additional storage space and if there is any offered. Have a careful look at the homeowner’s insurance documents. This type of building complex often comes with a policy that covers the whole building in entirety. It should not be old and should cover up to date costs on replacing all your personal belongings in the face of a disaster.

Day to day running of the complex

Have a good look at the day to day running of the complex. Some of the developments have no full time management at all. It is all run by a group of residents who meet together to discuss and come to agreement on important decisions. Although this does cost you as a resident less, it sometimes causes problems trying to get a large group of ego-driven condo owners to see things in the same light. Decisions and commitments to issues may be more difficult to reach. You may need to consider another investment opportunity should the complex you initially chose have no full time management.

Complex Management

It can be quite difficult to know what type of questions to focus on when trying to discover the effectiveness of the management there. It may not be in your favor to sit down and interrogate the full time manager of the units. He may take offence to your questioning on the job he gets paid to do full time. An unhappy and unhelpful manager is not fun to live with. Asking to sit in on one of the monthly or quarterly meetings would be an interesting place to start. This is a good place to learn what kind of issues may be plaguing residents. Should you be disallowed to attend, you may be able to request the minutes from one of the previous meetings to read through.

Condo Cost and Budget

Always consider your budget and all the costs that may come with living in a condo. Sometimes the homeowner’s fees can be excessive and may rise annually. Inquiring of someone who already resides there for a breakdown of exactly what the fees get allocated to would help you be informed. Be aware that one does not get tax breaks for those kinds of costs. Ask about recurring defaults from other residents when it comes to paying fees. You do not want to get into the kind of situation where only some homeowners are contributing. It all comes down to knowing the facts and stepping into the deal with your eyes open wide. 

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