Are you thinking about buying a condo and don’t know where to start?
I’m here to help. These are the 20 questions that you should ask when buying a condo:
- What is the condition of the unit, the building, and the entire complex?
2. Where are the common areas and are they well-maintained?
3. How many condos are for sale? A high number may indicate issues.
4. What percentage of units in the building are owner-occupied? As a general rule, the higher the number, the better, as they would take better care of the building.
5. How much are the condo fees? Have they risen recently? What is their percentage increase over the years? What’s included in your fees?
6. What are the cash reserves for emergencies? Are their fees adequate to cover emergency repairs? If not, you would have to pay special assessment.
7. What is the temperament of the strata? This could affect your enjoyment and your living in this building.
8. Any lawsuits? Pending losses may mean a lot of things, but for mortgage financing, lenders don’t usually lend to buildings that have lawsuits.
9. What does the strata insurance cover? An underinsured building may mean extra money spent by you if something happens.
10. What is the level of debt of the strata? Underperforming strata may mean extra costs to you.
“A high number of condos for sale could indicate problems.”
11. Are any units behind on their strata fees?
12. Are there any special assessments? Anything owed may become the buyer’s responsibility.
13. What’s the neighborhood like during the morning, day, and evening?
14. Does the unit come with parking?
15. When it comes to visitor parking, how many spots are there?
16. How much storage is there? Condo living is tight, and knowing how much storage you have is important to store anything like sports equipment.
17. How good is the management company? Are they are a reputable company?
18. Does the management resolve complaints quickly?
19. Do the strata limit the amount of rentals? How about Airbnb?
20. Are there other restrictions, like pet and age restrictions?
These are the 20 questions I would ask if I were buying a condo. If you have any other real estate questions, please don’t hesitate to reach out to me. I would be happy to help you!