If you currently have a home and are considering a condominium, there are upsides and downsides to take into account. For the freehold property owner, the best advantage is being able to create his own decisions about his usage and maintenance of his house (in regards to municipal by-laws). The best drawback has to pay the complete cost of repairs and upkeep. There is absolutely not anyone else to share expenses with. The condominium owner’s greatest benefit is that the freedom to lock the door and travel. Another advantage is that repairs and maintenance beyond the interior walls of your apartment are shared with other unit holders in the Corporation.
The downside of this advantage is that conclusions concerning common element areas (the halls and reception for example) are made by a consensus of the Board. Many homeowners decide that this is a small price to cover the number of other benefits of condominium ownership. After all, you could always run for a position on the Board and be at the table where issues are addressed! Once you have determined where you want to live, your next task is to locate an apartment or townhouse in the complex you like enough to want to purchase. Your realtor will become your ally in the hunt. He or she’ll sift through present opportunities and be certain you enter the ones that you are interested in seeing. Based upon your connection, your Agent may be proactive in your behalf and search out only units that satisfy your search parameters.
When you find what you want to buy, you will need to assess the status package offered by the Uptown at Farrer of corporation. This package can usually be obtained via the condo’s property management firm at a price of $100. The status package should include an up-to-date financial statement (size of the reserve fund), a reserve fund study (would be the maintenance fees presently being charged sufficient to finance forecasted obligations), the Condominium Corporation’s Rules and Regulations, Budget, Declaration and By-Laws. It must also disclose if the Condominium Corporation is involved in a legal action. Speak with the property manager as well as the men and women who operate the front desk. These are the people you’ll be interacting with on a regular basis after you purchase.