Buying a Condominium in Oakville, Mississauga or Burlington - Important Things You Need to Know About Condominium Ownership - Part One.
In today's real estate market, homebuyers from all age groups often consider the purchase of a condo as they begin to explore their homebuying options.
If you are amongst this diverse group of homebuyers, there are many important things you should be aware of before moving forward on the path to buying a condominium.
Enlisting the help of a knowledgeable real estate sales representative early in the process will save you an enormous amount of time and potentially problems and money.
REALTOR®s have the knowledge, skill and experience you will be thankful to have on the road to condominium ownership.
They will guide you along the path to a well-built condominium in the best location for your needs and desires and will be with you every step of the way as you realize your dream of not only moving to a place you are pleased to call home, but also in making a profitable investment for your future.
Buying a condo in Oakville, Mississauga or Burlington, similarly to buying in other locations across the continent, is quite a different process from buying a detached home or freehold property.
When buying a condo, you own the interior of your unit on your own, however the exterior of your unit and the grounds or building that it is located on or in, are considered common elements and you are only buying a share in these common elements.
The common elements, such as a pool, walkways, tennis courts, lobbies, etc are owned by the condominium corporation and you, as a condo owner in the development, own a share in the condo corporation and hence in the common elements.
Please review the following list of key points to familiarize yourself with condominium ownership:
- When you begin to consider buying a condominium, it's a good idea to carefully consider the appearance, location and nearby amenities of the building or development.
These important factors will have a great impact on the future value of your unit and also on the quality of your day to day life while living there.
- Explore the common elements of the building or development and decide whether or not they are of value to you or if you will be making use of them.
This is an important consideration as part of your monthly condo fees will be going towards the maintenance of the common elements and will determine the amount of the condo fees that you will be paying, no matter if you use the common elements or not.
Common elements may include such things as pools, squash courts, gyms, parks and gardens, lobbies, parking garages and more.
- The age of the building or development is also an important factor to consider. Checking for the condo builder's reputation at TARION.com is an imortant step that many buyers often neglect to do before putting in an offer on a condominium unit.
- If you are considering older developments or buildings, it's a wise move to investigate the management and financial history of the condo corporation and also find out what kind of management the condominium has.
Your real estate sales representative will be able to help you in exploring all of these things as you work towards choosing the right condo for you.
If you are thinking of buying a condo in Oakville, Burlington or Mississauga, be sure to read Part Two in this series as we continue to explore the important things to know when considering condo ownership.
Other articles in this series:
The Benefits of Buying a Condominium in Burlington, Oakville or Mississauga.