Buying a Condominium: Pick the Project, Then the Apartment

Three things to consider when you are buying a home apply to the purchase of the condominium apartment or townhouse. Pick the Project, then the residence. If you currently own a residence and are considering a condo, there are upsides and downsides to think about. For the freehold property owner, the best benefit is being able to create his own decisions about their use and maintenance of his or her property (having regard in order to municipal by-laws). The greatest drawback is having to pay the full expense of repairs and maintenance. There is no 1 else to share expenses along with.

The condominium owner’s best benefit is the freedom to be able to lock the door and journey. Another benefit is that repairs and maintenance beyond the interior walls of your apartment are shared with another unit holders in the Company. The downside of this benefit is the fact that decisions regarding common component areas (the halls as well as lobby for instance) are created by a consensus of the Panel. Many homeowners decide this is a little price to pay for the many some other advantages of condominium ownership. In the end, you can always run for a place on the Board and be in the table where issues tend to be first addressed!

Once you have made the decision where you want to live, your next job is to find whistler grand floor plan or even townhouse in the complex you prefer enough to want to buy. Your own real estate Agent will be your ally within the search. He or she will search through existing opportunities and make sure that you will get into the ones you are interested in viewing. Depending on your relationship, your own Agent may be proactive for you and seek out only models that meet your search variables.

When you find what you want to purchase, you will need to review the Position Package provided by the residence corporation. This package usually can be obtained through the condo’s property management company in a cost of $100. The Reputation Package should contain a good up-to-date financial statement (size of the reserve fund), any Reserve Fund Study (are the maintenance fees currently being billed sufficient to fund forecasted obligations), the Condominium Corporation’s Regulations, Budget, Declaration and By-Laws. It must also disclose if the Condominium Corporation is associated with a legal action.

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