tips for buying a condo? I’m in toronto if that matters. thanks?
Posted by admin in Toronto Condos Sunday, 9 May 2010 17:48 1 Comment
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Check how much the monthly assessment is. (I pay $220/mo) Find out if there are any special assessments coming up for repairs. (I’ve paid $1300 in the last 3 years) Call the management company if you have other questions.
You should get a copy of the By-laws and other papers. Find out how often the Homeowners Board meets. Know the rules of the complex like can you have pets, how many, how large of a dog, etc.
Basically, be sure your condo is soundly built and find out what you are responsible for personally maintaining. If the complex has a swimming pool, party room, tennis court, you will have more expenses.
Don’t buy a conversion condo which is a former apartment building converted to condos.
I bought a book 4 years ago when I was thinking about buying a condo. It is by Robert Irwin and called “Tips & Traps When Buying a Condo, Co-op or Townhouse” It is filled with lots of good advice. Perhaps you can get it from Amazon Books.
(By the way, I live in Minnesota)