The Condominium Buyers Guide is a fantastic resource for everyone from the First Time Buyer to the Savvy Homeowner or Investor. The guide has over 20 pages of highly valuable information that you need to read before purchasing a condo.
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This guide will answer questions such as:
▪ What Is a Condominium?
▪ What Types of Condominiums Are There?
▪ What Do I Own When I Buy a Condominium?
▪ Condo FeesWhats Included in My Fees?
▪ What Rules and Restrictions Might I Encounter in a Condominium?
▪ Who Takes Care of the Building and Grounds?
▪ What Insurance Will I Need?
▪ Can I Rent My Condominium?
▪ New, Re-Sale or ConversionWhat Are the Differences?
▪ Advantages/Disadvantages of These types of ownership
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You will find lots of additional information regarding status certificates, professional services involved in the process, mortgage options and everything the Condo Buyer needs to know.
Excerpts from the Condo Buyers Guide:
What Do I Own When I Buy a Condominium?
When you buy a condominium, you own your unit, as well as a percentage of the
common property elements allocated to the unit. The boundaries of each individual unit and the percentage of common elements you own may vary from condominium to condominium, depending on how they are specified in the condominium's governing documents. Sometimes, the unit boundary can be at the backside of the interior drywall of the units dividing walls. Alternatively, the unit boundary can be the centre line of the units walls. The boundaries of your condominium unit are an important consideration at the time of purchaseparticularly if alterations and renovations are a potential part of your purchase plan. (read more)
New, Re-Sale or ConversionWhat Are the Differences?
The term New is applied to condominium buildings that are either under construction or have been newly completed, while the term "Conversion" can mean the building was previously used for something else but has been, or is to be, renovated for residential use. For example, many loft style condominiums are converted from former commercial or industrial buildings. Conversions may also refer to the changing of units from rental units to condominium units. Both new and conversion condominiums are usually purchased from a developer. Re-sale condominiums are units that have already been occupied, typically in older buildings, and are offered for sale by the current owner. (read more)
Condo Fees Whats Included in My Fees?
Unit owners pay a monthly condominium fee to cover their portion of the operating expenses of the common property elements. A portion of this fee is allocated to the reserve fund that is created to ensure that there are sufficient funds available for major repairs and replacements over the life of the building. Calculation of condominium fees varies by province but is usually specified in the governing documents of the condominium corporation. Condominium fees are usually calculated from the annual operating cost of the entire condominium and divided by the percentage of your contribution to the common expenses (your unit factor) as outlined in the condominium governing documents and/or local legislation. (read more)
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