Buying a home is very exciting purchase! When considering a condo (or townhome), it’s important to make sure you’re informed about stratas and how that effects you.
The Strata: Before purchasing a condo, make sure to research the strata complex thoroughly including the strata bylaws, rules, and strata documents. Understand the monthly strata fees, what they cover and what the strata’s contingency reserve fund is. This will give you an idea of the overall complex and the financial health of the strata.
Amenities: Some condos come with amenities such as a gym, clubhouse, common area, etc. Be sure to research what amenities are available.
Age and condition: Consider the age of the condo and its condition. Are there any updates or renovations that need to be made? This will affect the overall cost of the purchase and ongoing maintenance.
Pet restrictions: Some condos have strict pet restrictions, so make sure to review the bylaws to make sure your furry friend is welcome!
Rental restrictions: If you plan to rent out the condo, make sure to research the rental restrictions. Though the government has lifted most rental restrictions, stratas can still limit short term rentals.
Insurance: Condos typically require different types of insurance than single-family homes. The strata fee covers insurance for the complex, so you only have to get contents and deductibles insurance for yourself.
Location: Consider the location of the condo in relation to your daily needs. Is it close to work, shopping, and transportation? If you plan to rent it out, think about how its location will appeal to potential tenants.
Size and layout: Consider the size and layout of the condo. Are there enough bedrooms and bathrooms for your needs? Does the layout work for you?
Parking: Consider the parking situation at the condo. Is there enough parking for you and your guests? Is there a designated parking spot included with the unit?
Resale value: Finally, think about the resale value of the condo. Will it be a good investment in the long run? Research recent sales of similar units to get an idea of what to expect.
By considering these factors and researching the strata, you'll be able to make an informed decision when purchasing a condo (or townhome). Be sure to work with a real estate agent who has experience in the condo market to help you navigate the process. Contact me if you’re looking for a condo or a townhome!
P.S. Everything in this post can also be applied to buying a townhome.
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