Buying a condo is a great real estate move. These units are more affordable than typical homes but also offer the perks of owning property. Now, while there are numerous advantages to owning a home in a building, there are also certain peculiarities involved. These tend to be quite different to purchasing a private stretch of land and house.
Here is what you need to know:
You Are Automatically a Part of a Corporation
From the moment that you are officially an owner of your unit, you will that you become a member of a corporation. This consists of other owners within the same building. Each unit is allowed a vote regarding various subject matters including maintenance, regulations, renters, etc.
Now, depending on where you are living, you may need to hire a lawyer. For instance, if you are living in Toronto, you will need the legal assistance of a condominium lawyer in Toronto. Why? Well, this is so that they can look over the rules in place, to check the reserve funds, etc. These individuals will need to generally be aware of any legal requirements related to you. This can help prevent a considerable number of problems in the future.
Actually, it is a good idea to hire a condominium lawyer well before you make any decisions to purchase a unit. One of the reasons that people are unhappy with their condos is often to do with the board in charge. This is why an attorney should take a look at the way everything is being managed to make sure you can submit to the regulations.
You Will Have to Share in the Responsibilities
As you can imagine, being a part of an association or a corporation means that you have to share in the responsibilities. This can mean a number of things for you. For example, you will have to attend frequent meetings and weigh in on certain matters. It also denotes being a part of the decision-making regarding the maintenance of the building as a whole. As a result, you will be expected to financially contribute to any repairs, upgrades, or similar changes that the board wants to make.
Know the Difference Between Owners and Renters
One of the more popular things to do is for people to buy a condo and then rent it out to make some extra money. This means that you may not actually be living next to the owners but the tenants, instead.
As a rule of thumb, you should look for buildings that have more owners than renters. This way, you can ensure that everyone living in the complex has a sense of responsibility and duty to the building as a whole. This can be quite important for things such as following the regulations, being involved in maintenance, and similar aspects. Renters may not be as involved in such endeavours.
These are the most important elements of being a condo owner. Now, when you do make a decision, you can do so, fully informed. This will make the entire venture a lot less surprising for you.