Article
November 24, 2005
Is condo living for you?
Questions to ask if you are thinking of buying a condo
From first-time buyers wanting to take advantage of low mortgage interest rates to empty-nesters looking to downsize, condo living is becoming an increasingly popular option for more and more Canadians. In addition to a relatively affordable, carefree and low-maintenance lifestyle, many condominiums can also offer enhanced security over single-family homes, as well as a wide range of social, entertainment and recreational activities.
If you’re thinking about buying a condominium, there are a few things you should think about to make sure your condo matches your expectations, your family and your lifestyle. To help you make a more informed decision, Canada Mortgage and Housing Corporation (CMHC) has a number of questions you may want to ask yourself first, including:
What type of condominium is right for your family? While most of us think of condos as high-rise apartment-style buildings, condominiums actually come in all shapes and sizes, from high- and low-rise buildings to town or row houses, duplexes, triplexes, single detached homes, freehold plots or even mixed-use condominiums, that combine residential with partly commercial buildings.
How close is the condo to work or transit, schools, shopping, and cultural or recreational facilities?
What price range are you looking at? When would you need to move in? And would you prefer a new, converted or resale condominium?
Does the condo you’re considering have any amenities, such as balconies, parking, storage lockers, a swimming pool or front or rear lawns? If so, how is the access to these amenities controlled and paid for?
What condition is the condominium in, both physically and financially?
Who should you have on your condo purchasing team? For example, you may want to consider enlisting the services of a real estate agent, a lawyer, a qualified home inspector, and a banker or financial advisor, preferably all with condominium experience.
Are there any special provisions to limit pets, parking or noise?
What are the boundaries of your unit? Do they end behind the interior drywall of the dividing walls, or only go as far as the centre line? For freehold condominiums, does the unit include the exterior walls, roof or even the land surrounding it?
How are the units heated, cooled and ventilated? Is the building energy-efficient? How are energy and water paid for? Who operates and maintains the heating and air conditioning systems?
Are there other charges over and above the purchase price? Are utilities covered in the monthly condo fees, or not?
For more information on condo living or a free copy of the Condominium Buyers’ Guide, call Canada Mortgage and Housing Corporation (CMHC) at 1-800-668-2642 or visit http://www.cmhc.ca
Courtesy of CMHC