Questions to Ask When Buying A Condo

Here is a checklist that will help you when you set out to buy a condo. Due diligence is always advised when buying into anything. Buying a condo can involve more legwork than buying a hoouse. Below are a few tips to help you on your way.

Gian-Piero

------------------------------------------------------------------------------------------------------

Source: Market Watch

It's more than just location, location, location when buying a condo. Certain rules and regulations set out in the condominium's documentation may surprise you. When buying a condo, ask the following questions:

• What are the rules about the number of people who can live in the unit?
• Can I rent out my unit?
• What percentage of units are rented out
• Can I have pets?
• Can I operate a business from my unit?
• What are the rules concerning decorating my condo, inside and out? (e.g., paint front door, hang up a wreath or door decoration, etc.)
• What types of renovations are permitted?
• Can I use a barbecue on my patio or balcony?
• Can I use patio furniture)
• Is there guest parking?
• What are the rules concerning use of common elements such as pools, exercise rooms and party rooms?
• What portions of my unit are covered by the condo corporation's insurance) What is excluded?
• What are the regulations regarding security of the condo?
• Is the corporation in good financial condition?
• Are there any legal claims or judgements against the corporation?
• What is the age mix of people who live in the condo? Is it mostly seniors, young adults, or families with children?
• Are utilities included in the monthly maintenance fees? If not, how much will I have to spend for them)
• What are the rules regarding cable/satellite television and Internet access)

Finally, don't forget that while location isn't the only important thing; it is probably the most important thing. Make sure your new condo is close to whatever neighbourhood amenities you'll require. If you are in a developing neighbourhood, check to see if an about-to be- constructed building will impede your view.