You need to ask yourself if you really want to live in a condominium. There are pluses or positives and minuses or negatives with every option. If you choose reside alongside many other people in an apartment like setting, then are some issues of concern that you should consider beforehand.
Every condominium building has a management company that administers the day to day activities of the building, including enforcing or not caring about policies.
Policies can include enforcing boundaries of smoking areas in compliance with local and Provincial by-laws.
Other policies can include facility maintenance, in compliance with municipal and Provincial standards.
Every condominium corporation will also have a Board of Directors that votes on issues related to the building. While the so called Board is meant to govern the policies of the building, as with many forms of government the administration of policies is a bureaucratic responsibility. Bureaucracy is managed by management, likewise at a condominium corporation.
Before you choose to purchase a condominium be sure you know how it is managed. Request a copy of an Estoppel Certificate for the unit your plan on purchasing, far in advance of submitting an offer. As management for a meeting, as a prospective purchaser. If granted a meeting, be sure to bring a set of questions you want to ask. Also, bring a notepad for noting answers to your inquiries.
Walk around the area surrounding the condominium building and find out for yourself how close amenities are to the property. You may purchase a nice looking condominium building, but you need to be sure that you will be able to live well while you reside there.
You will also want to find out what traffic patterns are like near the condominium building. Inquire about air quality outside and inside the building, pollution levels and smog in the area near the building. Depending on the direction your unit face you may receive a lot of wind and / or sunshine. Conversely, if you unit is across from a shopping centre, then you could have a lot of fumes from vehicles and pollution, as well. If your unit is above the so-called designated smoking are you may receive a lot a second hand smoke.
Be sure to ask as many questions about the overall living conditions in the building. Find out from prospective neighbours, on your future floor what their experiences are in living at the building and ask them if they recommend that you move in or buy elsewhere.
Here are some useful references to review before buying a condominium:
- Canadian Mortgage Housing Corporation Condominium Facts