(NC)—Condos can be an affordable and low maintenance way to live. You don’t have to shovel the snow, mend a leaky roof or mow the lawn. Paying for convenience may be within your budget, but what if you’re also unexpectedly hit with a bill for your share of major building repairs?
As a condo owner, you are responsible for the cost of maintaining the building you live in. Your Realtor can help you to look beyond the four walls of your condo and give you the whole story on your new home before you commit.
“Realtors serve as the liaison between the buyer and the property manager, asking the right questions to make sure there are no surprises once you’ve settled in your new home,” says Barbara Sukkau, president of the Ontario Real Estate Association.
These surprises can come in the form of skyrocketing maintenance fees or, if your building’s property manager has not kept up with both major and minor repairs, you might receive an unbudgeted surprise bill.
“Your Realtor can help you find a lawyer to review the building’s reserve fund study,” Sukkau adds. According to the Condominium Act, all properties must complete this report, which provides information on the history of the building, past maintenance fees and the projected fees for the next 5 to 10 years.
Realtors are trained professionals who are regulated by a provincial board and they will make sure you get answers to important questions:
1 What is the history of the building’s maintenance fees?
2 Are repairs or construction to major elements of the building such as stairwells, elevators and the front lobby scheduled soon?
3 What planned interruptions are there to major services and amenities for the building?
4 Are there any contracts for building revitalization?
Help with your condo purchase or more information on this topic can be found online at howRealtorshelp.ca.
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