We asked Sharon Blondin what she thinks is the biggest mistake a condo buyer can make when purchasing a condo. Here is what she had to say!
Photo Source – Designer Space: Perfect Reno
CONDO BUYERS FAILING TO EDUCATE THEMSELVES BEFORE PURCHASING!
Condominiums are non-profit corporations which are governed by legislation that can vary from province to province. When you purchase a condo unit, you become a shareholder and are responsible (through condo fees) for the financial obligations associated with maintaining the building and retaining peak market value.
The seller is required to provide you with current documents such as financials, Reserve Fund Studies, meeting minutes, management agreements, bylaws, insurance certificates and registered documents. It is important to engage a professional document review company to assist in putting that information into an easily understood picture of the corporation’s health and welfare. This review helps you to understand the corporation’s current condition and any foreseeable future issues such as major renovations or repairs that may affect your costs or the value of your unit. An experienced document reviewer will also be able to answer all of your questions and give you more information on bylaws and legislation.
Being aware of the corporation’s current and future condition is in your best interest as a future condo owner. Details matter. – Sharon Blondin, www.CondoQuest.net