4 Tips You Should Know Before Buying a Condo
Owning a condo is making a smart investment in real estate, but you should know a thing or two about “condo living” before committing to this choice. To help you make the right decision for you and your family, here are the top 4 things you should know before buying a new condo:
- Living in a condo is not like living in an apartment.
If you’ve been looking forward to purchasing one of the new condos for sale in Ottawa, that’s great. But don’t expect living there to be like living in an apartment.
Instead of renting from a landlord and having them ultimately be in charge of your entire living space, you own of everything from your walls, in. This includes drywall, light fixtures, and other appliances.
- When you purchase a condo, you’re buying into a corporation.
Living in a condo also means that you need to be able to compromise with your neighbors because you all essentially own a share of the condo corporation that you live in. This is very similar to purchasing a stake in a business. The entire responsibility comes with financial, governmental, legal, and administrative accountability.
- There are governing documents associated with each condo association.
There are two main documents associated with each condo association: The declaration and by-laws. These documents outline how the condo association runs, meaning who forms the Board of Directors and what their responsibilities are. The declaration also defines the property for each condo and communal areas.
- Your condo association will be subject to certain laws.
Federal laws take precedent over the governing document of your condo association. And with this in mind, it is not uncommon for legal problems to occur when a condo association has governing document standards and rules that conflict with federal laws.
Some of those looking into new condos for sale in Ottawa are unfortunately completely in the dark when it comes to the “condo lifestyle.” Understanding these important tips should make you more confident and better equipped as you prepare to commit to your own condo purchase.