Why Choose A Condo?
If you ask around why people opt for the condominium lifestyle, they'd give you a wide range of reasons. For some, living in a condo means no worries about garden maintenance, availability of recreational facilities such as a swimming pool and tennis court, and extra security features around the clock.
Parents whose children have grown up and moved out may find their homes too large and a hassle to maintain. Others find it more affordable to buy a condo unit instead of a landed property in their desired location. The delegation of repair and maintenance duties may be a boon to those with limited time for handling these chores.
Besides the perks of amenity-rich living with security and maintenance taken care of, condominium living involves community living and shared responsibilities. In other words, when you buy a condo you are buying more than just a resident unit - you're buying into a lifestyle wherfe sharing is required, space is fixed and more rules apply compared to living in landed property.
Before Buying A Condo: What You Need To Know
- Meet the residents who would be your new neighbours. Find out their opinions on the living environment, resident demographics, facilities, management, etc
- Learns the rules. Read the regulations to understand what they govern and how they may affect your living experience
- Find out the ratio on owner-occupied versus rental units. A large percentage of rental units may indicate specific issues regarding the types of people staying there
- Study the Sales and Purchase Agreement and the Strata Titles Act carefully, or have a lawyer go through these with you so that you understand the responsibilities regarding to stratified property ownership and required contributions to relevant funds