Looking to Buy a Condo?

Posted: August 28, 2014 in Buyers, General Information
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Buying a resale condo is similar to buying a house but there are a few differences that you should be aware of if this is what you are planning.

Is condo living for you?
Condo living can require more give and take than a house as they might have rules regarding pets, noise, even window treatment and balcony furniture. You will want to consider that before launching into condo hunt.

The status certificate
Finding out about the condo corporation is most important and a status certificate will include such critical information. When you make an offer on a condo, it should be conditional on a review by your attorney of the status certificate. The certificate will cost you about $100 but is well worth it. Some of the key points that you will find in a status certificate include but are not limited to:

  • By-laws and rules~unlike apartments if the condo by-laws state that pets are not allowed then they are not. Make sure that you can live with the condo’s rules.
  • Financial records for the condo corporation~including most recent budget and the reserve fund. If costly repairs are required in the near future could require a steep increase in condo fees if there is insufficient cash in the reserve fund.
  • Utilities~some condos have their own hydro and water meters others share the cost equally or are included in the condo fee. You will want to know this to better budget.
  • Rental Status~you will want to know if there are other units that are rented. The corporation keeps a tally and includes the figure as part of the status certificate.
  • Parking Details~parking spaces can be owned or could be common element owned by the condo corporation and assigned to you

Ultimately when you buy into a condo, you are also choosing your community. It’s a big commitment, so take the time to find a place that suits your personal needs.

 

CONDO FOR SALE:

688 Preston Pkwy

302-688 Preston Parkway Cambridge ON

 

$229,900 ~ Great central location is 5 minutes to 401 and close to amenities. Close to nature trails. This large condo has 2 bedrooms 2 bath and 1390 sq. ft. It is located in a smaller building with 40 units which is geared to seniors. Nice open main living area has great features which include oak cabinets in kitchen, ceramic flooring in the kitchen, foyer and baths, in-suite laundry, whirlpool tub, super large master bedroom – 2 bedrooms were converted – could be converted back to 3 bedrooms. Storage area has water softener and water heater. A good size balcony surrounded by greenery is the ideal place to relax and enjoy the scenery.

See Visual Tour Open House 24/7 at DaleDyer.com

Living Room

Living Room

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