A condo unit allows homeowners to venture into home ownership without having to plunge into the responsibilities and requirements of single-family homes. Owning a condo unit in Toronto is relatively easier than buying most other properties. This is because, in condo ownership, you pay a certain amount to the condo association which in turn takes care of the building’s maintenance, landscaping, and in the supply of services in the condo building.
In addition to this, the process of buying and owning condos is relatively simple and less tasking. However, when buying condo units, there are certain questions you should ask the seller.
Are pets allowed?
Condo buildings are owned and run differently. As such, some condo buildings permit owners to keep pets in their units. However, in some buildings, there are restrictions on the type of pets that you can keep while other units do not allow any pets in the condos.
In condo units that allow owners to keep pets, the owner is held responsible for damages and destruction caused by the pet. In addition to this, the owners are supposed to ensure that their pets do not become a nuisance or become a disturbance to other condo occupants.
How are condos priced?
The price of condos is dependent on several factors such as floor size, quality finishing, the location of the condo within the building, and amenities provided among other factors. Condos located on the 1st, 2nd, 3rd or 4th level are priced differently.
It is worth noting that the physical location of the condo building may also affect the price of condos. For instance, condos located in upmarket estates are likely to cost more than those located away from cities or towns. Therefore, it is necessary to inquire about the nature of the condo of choice so that you get value for your money.
What are the financial responsibilities of the condo owner?
Even after paying for a condo, there are several services you need to pay for from your packet. For starters, as the owner, you are responsible for paying property tax for your property.
Additionally, you also have to meet costs for electricity, telephone and cable, insurance on the condo and its contents, sewer bill and condo fees. Most of these costs are dependent on your consumption as only the condo fees are fixed. The other charges may fluctuate depending on your consumption.
Does the condo building have insurance?
Another important question when shopping for a condo is whether the condo building is insured. Only purchase condos in insured buildings as this insurance provides you with compensation for losses suffered due to the building’s structure and setting.
In addition to this, if you are buying your unit through finance, insurance increases your prospects of financing. Only a handful of lenders finance uninsured condo buildings.
Conclusion
It is important to note that since a condo building is a shared housing complex, none of the condo owners has exclusive rights to common places such as hallways, garages, terraces and lobbies.
Instead, these places are designed for the enjoyment of everyone in the condo building. Before purchasing any condo, ensure that you are aware of all the crucial details and requirements of the condo.