Condominium Purchase Guidelines
1-What are the differences between condo, loft, penthouse, and apartment?
- A Condo is a unit that is owned by an individual owner. The owner pays a fee for the building to be managed and the owner needs to stay compliant with building's rules along with other owners. Some condos are termed "luxury" and can include doormen, granite counter tops, plush landscaping, etc. Condos can be rented, but some condo rules specify how many units are allowed to be rentals in the building.
- An apartment has one owner for all the units. Apartments are often rented. Some apartments have luxury features as well. In recent years many apartments have been converted to condos without major physical changes.
- A loft is a unit with high ceilings and few walls, and they are often found in a re-habited industrial building. Some lofts feature huge windows, exposed brick, exposed pipes, exposed ceiling, etc. Lofts can also be new construction as well.
- A penthouse is generally the highest level unit in a building. Some are condos, some are apartments, some are luxury, and some are just the top-most unit. But typically there shouldn't be anyone living above the penthouse. They are typically more expensive, and the price depends on size, location, amenities, age, management, etc
2- What is the Condo Bylaw and how important is?
The Condo bylaw dictates how the building will be managed, controlled and administered, plus provides condo restrictions and other rules.
How Condo Additional sheet or “bylaws” affect your unit?
The effects are include but are not limited to following:
- Previsions to allow or not allow pets
- May included age restriction
- May include repair of inside the unit, or not
- Describe condo fees details
- Insurance matters such what risks if any the building insurance covers you and why you need your own personal content and liability insurance.
- Current financials of a condominium
- Details of the reserve fund
- The Condo Corporation is regulated and must act in accordance with its Bylaws and are registered at land titles as ACDS or CS.
3- Different aspects of condos can be intimidating, but having proper information will make big differences.
If you are thinking about buying a Condo then it is important for you to have proper knowledge and information to save your own investment.
Questions to be considered include:
- What additional insurance do I need?
- Why condo documents need to be checked by a specialist?
- Do you understand what a condo plan is or how it affects your unit?
- Can parking or storage be an issue in condominiums?
It is highly recommended to hire a knowledgeable Realtor specialist focusing on all aspects of a condo purchase such as condo's bylaws and rules; a Commercial Realtor can help you in this regard.
I am a licensed Commercial and residential realtor with Commercial Pin. I can help you in proper way to accomplish your real estate goals.
Important note for Condo Purchasers
Condominium special assessments are now a factor in the majority resale transactions. The rush to complete some condominium buildings during the hot market of 2005 and 2006 led to poor workmanship and expensive repairs are now required to fix the problems. Due to their prevalence, special assessments are easier for condominium boards to pass and implement. This may cause an unpleasant surprises costs shortly after receiving possession of your condominium.
You need to be protected from these unpleasant surprises when purchasing a condominium property. A licensed Commercial Realtor due to his knowledge can properly protect you and your investment from a such big and unpleasant expenses.