Hazen Steeves

 

When you purchase a condo you become a part owner of the entire complex including all buildings and grounds. Each unit owner is responsible for the interior of their own unit. The operating costs are shared by all the owners to cover ongoing repairs, maintenance and upkeep.

 

Do you like a more relaxing lifestyle? Do you need to hire a professional for most household repairs? Do you travel a lot with your business or are you retired and spend several months away from home? If your answer is yes to any of these questions you're probably a good candidate for condo living. Inexpensive condos are often chosen by first time buyers who don't want to purchase a single family home requiring thousands of dollars in ongoing repairs. Medium and higher price condos are usually purchased by busy executives who don't have time for maintaining a house and retirees. Retirees want to simplify their life and have reached an age where there is no longer pleasure in doing household repairs and upkeep. There are a number of things to keep in mind when deciding whether or not to buy a condo.

 

 

Young people buying a condo often choose locations in or near downtown to suit their lifestyle and also offer close proximity to their work. Retirees often look for specific locations as well as nearby conveniences. There are multitude of choices in all price ranges however the "over 55" buyer will have far more choice in the medium to upper price ranges. Condominiums tend to be built near major roadways, other multi-family housing and commercial properties. This means most amenities are close by however the condo will likely also be near more traffic and noise.

  

 

The condo corporation sets out the rules and regulations for  the condominium. Do you have a pet? Are you an investor wishing to rent out the condo? Are there amenities offered in the complex that you are paying for but will never use? Will you have extended family living with you? The list of rules to abide by for some condos will not be satisfactory to everyone based on age, pets, parking, etc. When you make an offer to purchase on a condominium you have 48 hours from the time of acceptance and delivery of all the condominium documents (Bylaws, Rules and Regulations, Financial Statements, Disclosure Statements) to cancel the offer. 

 

 

Condo fees cover the day to day  management and upkeep of the building and grounds of the condo complex. There is also an additional amount included in the condo fees to cover future repairs. This money is held in a Reserve Fund. Each unit owners share is a percentage of the total complex ownership. In Manitoba the reserve fund is transferred to the new owner and is not replaced by the purchaser unless agreed to in the offer to purchase. It's very important to look over the financial statements supplied at the time of offer acceptance to confirm the financial health of the overall Condo Corporation. If there are major repairs and upgrades being done on the complex, and there are not enough funds in the Reserve Fund to cover costs, the unit owners will be asked for a lump sum of money to make up for the shortfall.