Douglas Gray, LL.B., is formerly a practicing lawyer in Vancouver, B.C., who morphed into a consultant, speaker, columnist, and author of 22 bestselling books, including the recently released Canadian bestseller, Making Money in Real Estate (The Canadian Guide to Profitable Investment in Residential Property), 2nd edition.  In his real estate legal practice, he has advised condo buyers and sellers, condo corporations, lenders, borrowers, investors and developers. He has also been a real estate investor for 35 years.
His website is: http://www.homebuyer.ca.

Location
One of the prime considerations is the location. How close is the property to schools, cultural attractions, shopping centres, recreational facilities, work, and transportation? How attractive is the present and future development of the area surrounding the property? You could buy a condo and six months later a shopping complex could be built across the street, blocking your view and therefore decreasing the resale value of your property. The location should have ample access to parking and other attractive features. Check on the amount of traffic on the streets in your area. Heavy traffic can be a noise nuisance as well as a hazard for young children.

Noise
Thoroughly check the level of noise. Consider such factors as location of highways, driveways, parking lots, playgrounds, and businesses. When buying  a condominium, it is particularly important to consider the location of the garage doors, elevators, garbage chutes, and the heating and air-conditioning plant or equipment.

Privacy
Privacy is an important consideration and has to be thoroughly explored. For example, you want to make sure that the sound insulation between the walls, floors, and ceilings of your property is sufficient to enable you to live comfortably without annoying your neighbours or having your neighbours annoy you. Such factors as the distance between your unit and other common areas, including walkways, roads, and fences, are important.

Pricing
The pricing of the property you are considering should be competitive with that of other, similar offerings. On the other hand, when purchasing a condominium unit, it is sometimes difficult to compare prices accurately without taking into account the different amenities that may be available in one condominium that are not available in the other - for example, tennis courts, swimming pool, recreation centre, etc. You may decide that you do not want these extra facilities in view of your lifestyle needs, in which case paying an extra price for the unit because of these features would not be economical. On the other hand, you have to look at the resale potential, so check with your realtor. He or she can obtain accurate information on comparative pricing and cost per square foot for similar properties in the same condo building or complex.

Common Elements and Facilities
When buying a condominium unit, review all the common elements that make up the condominium development. Consider these from the perspective of the relevance to your needs, as well as the maintenance or operational costs that might be required to service these features.

Parking Facilities
Are the facilities outdoors or underground? Do you feel there is sufficient lighting for security protection? Is it a long distance from the parking spot to your home? Is there parking space available for a boat, trailer, or second car, and is there ample visitor parking?

Storage Facilities
Check out the type of storage space available, including location and size. Does there appear to be sufficient storage space for your needs, or will you have to rent a mini-locker to store excess items?

Quality of Construction Materials
Thoroughly look at your building and the surrounding development in an attempt to make an assessment of the overall quality of the development. Keep in mind that you will be responsible for paying a portion of the maintenance costs for the common elements. You may wish to hire a contractor whom you trust, or a building inspector, to give you an opinion on the quality and condition of the building or unit before committing yourself. This would be a prudent decision. An older building is clearly going to cost money to repair, and possibly in a short period of time.

Design and Layout
When looking at a building, consider your present and future needs. In a condominium, although you are entitled to use the interior of your unit as you wish, there are restrictions relating to the exterior of your unit or any structural changes that you may make to the unit. If you are intending to have a separate room for an expanded family, in-laws or an office, you should consider the implications beforehand. For example, you may find that the balcony is very windy and you would like to have a solarium built to enclose the balcony for that reason. There is a very good chance that you would not be able to do so without the consent of the condominium council, which would not be given in most cases, because it would affect the exterior appearance consistency of the development.

Neighbourhood
Look at the surrounding neighbourhood and make an assessment as to whether the value of the residences in the neighbourhood will affect the value of your property. For example, are the buildings and homes in the area well-maintained? Are there children in the same age group as your own children? Is the neighbourhood characterized by single adults, young couples (with or without children), or older and retired people? Does your condo development permit children? Does it permit pets?

Owner Occupiers vs. Tenants
Ask how many tenants as opposed to owners there are currently in the condominium complex, and the maximum number of tenants allowed. The higher the percentage of owner/occupiers, the better the chance that there will be more pride of ownership and, therefore, more responsible treatment of common elements and amenities. Generally, if you are buying for a principal residence, you should be concerned if the tenant percentage in the condominium complex or residential area is 20 per cent or more and is increasing, and does not have a rental cap. Of course, if you are buying a condo for investment purposes, you would be looking at matters from a different perspective.

Part II of a discussion of condo selection criteria will be continued in the next issue.  CL

Excerpted with modification, from 101 Streetsmart Condo Buying Tips for Canadians, by Douglas Gray, to be published by John Wiley & Sons in May, 2006. Copyright  2006 by Douglas Gray. All rights reserved. Any reproduction of this material without the author’s advance written consent is prohibited. The author assumes no responsibility whatsoever for any information provided above, as the purpose of the column is for general information only, and not intended to provide professional advice. If required, independent expert advice should be sought customized to the reader’s own needs.