realtyreport
Resale Review
Before getting overly excited about a particular resale condominium, potential purchasers are strongly encouraged to research each building carefully. In addition to finding out about the age of the complex and its infrastructure, some other issues to investigate include:
- Kiddies? Kitties? You want to make sure all members of your family — from your children to your furry (or scaly) friends — are welcome in the building. Ask about any occupancy restrictions first, to save time and aggravation later.
- Parking? If your "baby" is of the 4-wheeled variety, you'll need to confirm that a parking spot is included in the price. Also, confirm if the parking spot is owned by the condo owner, or by the condo. This will affect whether you can sell or rent the spot, or buy another spot for a second vehicle.
- How Will You Manage? Or, specifically, how is the condo managed? Is there a dedicated property manager to take care of the building? Inquire into the condo board, too, and find out if there was an unusual number of items disputed at the last board meeting.
- Check Your Status (Certificate). Before signing on the dotted line, it's important to confirm the rules, regulations and financial health of a particular condo corporation. A status certificate is a group of documents that includes, among other things, an outline of the budget; the amount of the Reserve Fund and if that fund is sufficient to cover any major work; minutes of the last annual meeting; information on arrears or increases in common expenses; and any special assessments being considered.
A good real estate sales representative will educate clients on what questions to ask, and how to interpret the answers. Please call today with all your questions on real estate in today's market.
