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16 With a resale condo, examine the appliances and wear and tear on the suite closely.
17 Note the condition -- and aroma -- of the lobby and common areas such as hallways and stairwells.
18 Find out who the occupants of the building are: mostly owners or tenants? Owners are preferable.
19 Find out the monthly condo maintenance fees and what exactly they include (and don’t include).
20 What are the property taxes? Are they included in the maintenance fees?
21 Chat with other owners and ask about their experience in the building.
Make me an offer
22 Visit the suite at least twice, if you can, before making your offer.
23 Know what comparable suites in the building and in the area have sold for.
24 As for offer price, listen to and discuss with your agent.
25 When you are ready to make an offer, make it conditional on your lawyer reviewing the Condominium Documents and Status Certificate.
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4 Comments
These are some terrific "starting points". I would also suggest that those interested in buying a condo (particularly first time buyers) take some time to "know" what they are buying. Most condo's are governed by rules and regulations, the building's declaration, and ultimately the Condominium Act 1998. There are many situations that may pop up that you may think you have ultimate control of, when in fact you may not, this is often the case with noise related issues, and having to remember that you are in a "community living arrangement" and each owner/resident has to respect the rights of others. Be aware that while you do own your unit, it really means you are buying a "share" of the corporation, and as such, you become part and parcel to the shared health and welfare of the building and it's premises. If you buy a resale unit, and choose to make extensive renovations to the unit, be advised, most buildings will require you to submit a "plan" to the Board of Directors/Management team for approval. If these changes go beyond simple cosmetic changes, and are not sanctioned by the Board, you could be responsible for putting it back to "stock" as defined by a common unit definition bylaw. Now, I'm not talking about simple countertop changes, or paint,etc. However, if your kitchen reno involves moving a wall, etc. Make sure you submit your plan to the Board of Directors, or you could be in for a surprise down the road. I would also suggest that, if you can, take time to get involved with the Board of Directors, at least for one term. It's rewarding to learn what goes on to manage your building, and most condo corporations will send you on a course provided by the CCI to help you with the task of good governance. Ensure your lawyer reviews the financial planning by your respective Condo Corporation, make sure they have a complete and up to date Reserve Fund Study in place. Make sure you know the buildings respective pet regulations, often a building will have rules about large dogs (no dogs above 25 pounds) or restrictions on exotic pets,etc. Condo living can be great, but as with most things, a little research will prove worth it in the end.
Im a property inspector, you should know that unless the building is Rain Screened you may be facing huge repair costs down the road. That holds true for Low and High Rise buildings. Get at least 4yrs of minutes from before 2000, those minutes will more accurately represent the true condition of the building. Buildings built after 2000 will be Rain Screened in British Columbia, retro Rain Screen rehabilitation after 2000 should be better than prior. Hire an inspector to review the building (building envelope training). You should not use any of the inspectors recommended by your agent, the inspector may be more interested in keeping the agent happy than to provide a candid evaluation. When 95% of all inspectors are dependent on free Agent referrals your choice of an appropriately trained, experienced and client dedicated inspector is very narrow. Many inspectors claim to be Independent when in fact they are dependent on referrals. Go to www.independentinspectors.org to find an inspector in your area, you should know that even here some inspectors are playing both sides of the fence. Choose an inspector who will inspect the exterior of the building, Parkade, roof, mechanical rooms, common areas and of course your unit. The inspection should take 4-6hrs or longer, go with the inspector for the entire inspection. You may pay twice the average inspection fee now but that is much better than getting a $80K assessment later. Take your time searching for an inspector, check references, ask for a sample report. When you ask for extra strata minutes your agent may ask you to pay the $200 to $400 for this extraordinary request. Tell your agent to take care of it themselves- this is their cost of doing business, remember you are indirectly paying for the realtors commissions. You are paying a professional fee, you should expect a professional service, professional agents will provide any and all info you request in a timely manner without complication or cost. Tell your agent to Put a Rush on it thats the jargon. Dont get caught buying a Leaky Condo do you homework early. Ted Gilmour, CPI
If you are interested in purchasing a loft in Toronto, I highly recommend Toronto Lofts - www.toronto-lofts.ca They offer free personalized reports and have shown excellent customer service!
Great tips! You really need to be cautious if you buy something so valuable. I also know a great guide if you ever want to buy a condo in Manhattan: <a href="http://newconstructionmanhattan.com/nyc-real-estate-information/buyers-resources/international-buyers-guide">New York apartments for sale,Manhattan condo buyer's guide</a>