First-Time Condo Buyer? Here’s What You Need to Know

Whether you’re a first-time buyer or an experienced one, buying a condo can be intimidating and may seem confusing at first. While owning a condo does differ from owning a regular home, it’s pretty straightforward once you know all of the ins-and-outs.

Get used to neighbours

Before you move, it’s important to realize that you are moving into a space with close proximity to neighbours. While condos are definitely less noisy than apartment buildings, a certain level of noise should be expected.

Familiarize yourself with the rules

If you decide that owning a condo is right for you, when you first put an offer on a condo, you’ll receive a list of rules. It might be tempting to skip reading them, but knowing the rules will help you be fully prepared for your move. Condo rules vary from building to building, but they address day-to-day living issues such as pet ownership and how to use common areas. If any owner chooses not to participate in the condo rules and regulations, they may be asked to meet with their respective condo board. Click here to see an example of condo rules.

The condo board

Each condo has a condo board made up of residents of the condo. The board is elected within the first year once 51% ownership is reached. Their role is to oversee the property, expenses, and any costs associated with roads, sewers, street lighting or the building in general. They’re also responsible for ensuring that the resale value of the condos is maintained. The board must hire an engineer within the first year to audit the property.

Maintenance & repairs

When it comes to your individual unit, you are responsible for maintenance and repairs, but more details about this will be outlined in the condo rules. The corporation is responsible for keeping the common elements maintained and repairs, like lawns, parking areas or exercise facilities. This is where your monthly condo fees will go. If you buy a vacant land condo, however, you’re responsible for maintenance and repairs on your part of the property.

Want to know more about vacant land condos? Check out this blog from Sinclair Construction in Ingersoll.

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