5 Essential Questions to ask before buying a Condo

Posted by Listatto Toronto on December 22nd, 2020

Have you been thinking about purchasing a Toronto Condos for Sale? Perhaps the condo is in an up and coming house trend, and you need to buy before costs start to skyrocket.

But when buying a condo, there are certain things you should inquire about. Knowing the right questions to inquire when comparing alternatives is essential to guaranteeing your new house fits all of your needs. Below are a few of the foremost vital questions to ask and things you need to know when buying a condo.

1- What are the HOA’s rules and regulations?

Do you have a pet dog? Can you keep the pet in the apartment? Are you allowed to utilize space on Airbnb or rent it out? Can you invite any friend to the pool? Where can your guests park? 

These questions related to HOA’s rules is mandatory to ask so that you can think of negotiating your condominium purchase. Inquire about all the rules and regulations before you purchase and determine if the place is right for you or not. 

2- What do condo fees cover?

Are you moving to a condo to escape garden care and snow removal? Are they providing you complimentary storage space? Make sure these amenities and services are included in your month to month condo fees. 

While it’s common that HOA expenses cover shared spaces like a pool, fitness centre and yard, it’s vital to fully understand how expenses work along with your association before buying a condo.

3- What are the average monthly rents?

Purchasing a condo means that your costs might change monthly and move enormously year-to-year, so make sure your budget is in check before signing on the dotted line. Make all the complete understanding of the condo expenses of your new home. So, you can get an accurate idea of your living expenses.

4- Is there any pending legal case?

Legal fees facing the condo association may rapidly affect your monthly budget. Before committing to a condo, inquire if there are any current lawsuits underway and look into your condo’s risk insurance. Not only is condo litigation something that could harm your budget, but frequent cases point to poor management and dramatization within the community.

5- What does the condo Insurance cover?

Another thing to consider when buying a condo is the protections policy. An inclusive master policy may save you money in general. In any case, if the condo association has cut corners to save money, their policy might not cover your individual belongings or the appliances inside your unit.

Looking into the policy before you close on your condo might save you from the needed expensive supplemental.

Conclusion

Purchasing a condo can be an enormous commitment. But knowing the proper questions to ask can assist you in making the entire process manageable. A few extra hours of research for Homes for sale in Toronto is essential and could spare you from a less than ideal living circumstance within the future.

Adam Simmons is the author of this article. For more details about Realtor Toronto please visit our website: listatto.com