Purchasing a condo is probably the best way to invest your money in real estate. But, you need to be aware of the distinction between owning a condo and a house.
Here are a few factors every condo purchaser must know:
- Read the paperwork
First things first, check the bylaws. It consists of rules of living in a Parc Clematis condo like parking, pets etc. Then, have a look at the plat and the plans or simply the condo map. It shows the private space, common space and limited common space. If they don’t provide you the condo map, get yourself a copy from the Land Records Office. Then finally comes the declaration. It declares the ownership percentage, the voting rules and what the payments are based on. Many buildings tend to assign one vote in every unit, whereas in others, votes are dispersed on the basis of percentage interests which is declared in the declaration as well.
- Check their financial status
The pros of purchasing a condo rather than a house is the maintenance tasks are handed over to the staff. This is only possible when the condo association has the budget for it. Check if they don’t have any past or outstanding delinquencies. And also feel free to ask them about their reserved funds, if they are quite low, you might have to pay a fortune just for a mere repair.
- Beware of renters
The condo units are either owned or rented. Renters feel less obligated to keep the common areas maintained, and they will less likely handle the tasks of planting a garden or fixing a sidewalk by themselves. When the ratio of renters to owners in a condo is high, it decreases the value of the unit.