Condo Buying Basics - What should I Look for when buying a Condo? 

 Many condominiums have enhanced security features over those found in single-family houses and offer a wide range of social, entertainment and recreational activities.

However, purchasers should be aware — before they buy — of the many issues and considerations surrounding the purchase of, and the lifestyle in, a condominium. 

Condominium ownership is very different from owning a home under traditional fee simple tenure.

There are two types of Condos you can buy. 

Pre-Sale and Re-Sale. 

These are Taxes to expect while buying a Property 

Buying a Pre-Sale 

• Verify the unit’s floor area and boundaries and that your unit factor is reasonable.
• Find out if you can have changes made to the placement of walls, windows and doors and what the costs would be.
• Inquire whether the building and/or your unit will be accessible to someone with limited mobility.
• Find out if there are plans to reduce the ceiling height anywhere in the unit.
• Check how the units will be heated, cooled and ventilated and the location of heating and air-conditioning equipment, ventilators and hot water heaters.
• Ask the developer about noise- and odour-reduction measures, environmental features and options for suite finishes, cabinets and fixtures.
• Check with the developer and municipality about planned construction in the area.
• Be clear about what is and isn’t included in the purchase price so you can compare overall costs with other condominiums.
• Find out if your monthly condo fees are realistic, what they include, and when they’re likely to increase.
• Investigate whether there are any “hidden” costs, such as long-term leases on building fixtures, which will be passed along to owners.
• Check if the unit comes with a new home warranty and the extent of the warranty.
• Assess, as best you can, whether the project will be completed by the date in the purchase agreement before making moving and financing arrangements.
• Request a “disclosure statement” from the developer in jurisdictions where a developer must provide one before the sale agreement is binding.
• Find out if your purchase agreement allows the developer to extend the occupancy date and check your provincial or territorial homeowner protection legislation to learn your rights if your agreed-upon occupancy date is missed.

• In these documents , you will find out exactly where your unit’s boundaries lie (your Floor and Flow Plan) and if your unit factor is reasonable.

• Review the corporation’s annual operating budget, end-of-year financial statements and the estoppel or status certificate.
• Be clear about what is and isn’t included in the purchase price so you can compare overall costs with other condominiums.
• Find out what your monthly condo fees include and when they are likely to increase.
• Ask your experts to verify that there’s enough money in the Contingency reserve fund to cover the cost of major repairs and renewal projects.
• Find out whether any special assessments are anticipated, what they are for, how much they might cost and when they will need to be paid.
• Investigate whether there are any “hidden” costs, such as long-term leases on building fixtures, which will be passed along to owners.

• Ask what municipal services the condominium receives, such as garbage pickup and landscaping, snow removal, heat, a concierge, or utilities. You’ll want to know whether it’s all covered, or whether you can expect another bill so that you know the full cost of homeownership before you buy.
• Is gas included in the maintenance fees or are those costs separate.

• Where is your parking location and how many stalls are you entitled to.
• Are your stalls side by side if you have two stalls
• Are they full size or small car stalls so that if you drive a truck, you may have a hard time with finding accommodating parking.
• Are they on the same level as the storage locker
• How close is your parking to the elevators?

• Check what new home warranty coverage remains on the unit, if any.
• Confirm that there are no legal actions against the condominium corporation.

• Hire a home inspector to evaluate the condition of the unit you are thinking of buying, as well as the building as a whole.
• Consider having an indoor air quality inspection done to identify potential mold, airborne particulates, volatile organic compounds, poor ventilation and odors from other units.
• Consult the condominium’s technical audit and/or reserve fund study, if possible, to determine the condition of the building and common property.