Transitions-Oakville, Burlington and Mississauga Real Estate Blog: Buying a Condominium In Oakville, Mississauga or Burlington - Important Things You Need to Know About Condominium Ownership - Part One

Real Estate blog about property, home buying and selling, life in Burlington, Oakville and Mississauga Regions of Ontario, Canada.

Buying a Condominium In Oakville, Mississauga or Burlington - Important Things You Need to Know About Condominium Ownership - Part One


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, buying a condo in Burlington, Oakville or Mississaugahomebuyers 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 theCondo Fees in Oakville, Burlington and Mississauga 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.

 

©2009JoSmith

 


There You ARE!  I've Been Waiting For You!!!
Let's Get to Know One-Another:

Comment balloon 17 commentsJo-Anne Smith • October 14 2009 06:53PM

Comments

Hi Jo. We haven't chatted in awhile. I like this post...there is definitely a phase in one's life to consider the condo market and you laid out very well how condos work. I like the builder reputation site too...

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) almost 8 years ago

Jo-Anne, I've missed you.  Where have you been?  I hope all is well with you.

I've also missed your writing... and this is great, as always. :)

 

Posted by Sylvie Conde, Broker, Toronto Real Estate (Sutton Group-Associates Realty Inc., Brokerage) almost 8 years ago

Hi Jo!  This is wonderful information and I had no idea you could check on the Condos builder reputation for older condos.  I think I would love to live in a Condo in the not too distant future and not have to worry about all the issues with a house.  Great article, I look forward to the next one.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) almost 8 years ago

Hi Jo, It has been a while, How are you? A very nice post and I have a question for you. Have you experienced an difficlty with financing up in Ontario. Are your lenders still good with condominium ownership and/or are there more stringent requirements for lending on common interest developments.

Posted by William Johnson, San Diego Real Estate Voice, GRI CRS e-Pro CDPE (RE/MAX Associates) almost 8 years ago

Jo-Anne,

This looks like it's going to be an excellent series.

 

Brian

Posted by Brian Madigan, LL.B., Broker (RE/MAX West Realty Inc., Brokerage (Toronto)) almost 8 years ago

Gary ~ Thank you for stopping by. It's great to hear from you and I hope all is going well for you.

Hi Sylvie ~ Nice to hear from you!  I was away visiting family and friends in BC for a few weeks in September. We had a wonderful time and the weather was perfect. How are you doing? We need to get together sometime before Christmas. ((-;

Carole ~  I can picture you living in a condo. I think it would be perfect for you and then you could devote all of your time to Feng Shui consultations, traveling and writing and not  have to worry about all of those 'house' issues. Even you snow and ice would be taken care of for you.

Hi William ~ I haven't seen any evidence of lenders being wary of lending for condominium ownership here in Ontario. Of course, things have changed in the mortgage markets right across Canada, just as they have in the USA, however a large part of the mortgage market here involves buyers who are purchasing condos and the lenders are very good at seeing the transaction through to completion. Thanks for stopping by!

Brian
~ How are you? Thanks kindly for your nice comment and for visiting.

Jo

 

Posted by Jo-Anne Smith (Your Choice Realty Corporation, Brokerage) almost 8 years ago

This is valuable information that really applies to purchasing a condo just about anywhere.  Here in Honolulu, Hawaii, there's huge condo inventory, and with many buyers coming from foreign countries, many are unaware of the nuances of condominium ownership, etc.

Posted by Douglas Fischer (East Oahu Realty - Selling Honolulu, Hawaii Condos) almost 8 years ago

Hi Douglas,

Many aspects of condominium ownership are the same everywhere, however I believe there are variations from province to province and state to state. This is why it is so important that a buyer always enlist the services of a local real estate sales representative, such as yourself!

thanks for stopping by,

Jo

Posted by Jo-Anne Smith (Your Choice Realty Corporation, Brokerage) almost 8 years ago

Jo - it's great to see you back ... as usual you have provided excellent information for your readers.

Posted by Kathy Clulow, Trusted For Experience - Respected For Results (RE/MAX All-Stars Realty Inc. Brokerage) almost 8 years ago

Hi Kathy,

Thanks! I hope everything is going well for you and Barrie and all of your family....we should get together for a coffee or tea sometime soon.

Jo

Posted by Jo-Anne Smith (Your Choice Realty Corporation, Brokerage) almost 8 years ago

Hi Jo - We are all doing fine, right now we are up to our eyballs with an issue that is keeping one grandson out of school as they changed a policy that means it is no longer safe for him to go.

ps as kathy said it's great to see you back

Posted by Barrie Clulow (My Time Is My Own) almost 8 years ago

Jo, In Naples Fl a buyer has three days to review condo dox, rules and regulations and financial atatements for the association  (15 days on new construction ) with right of rescission.  I tell my buyers to read everything carefully. Some areas that they might not be able to live with are.  Pets.  Many limit size, yes, most are under 25 lbs, and how many pets. Next are the rental policies . Many will only alllow one rental a year. Can family members use your condo when you are not there and for how long. If you want to put in a particular type of flooring whether it be tile or wood....is it allowed.  It is so easy for a buyer in the first blush of owning a condo in Florida to brush over these important details. Good post.  :-)

Posted by Marcia Hawken, Naples Luxury Specialist (Downing-Frye Realty, Inc.) almost 8 years ago

Hi Barrie,

Sorry to hear about your grandson...is this to do with allergies?

Jo

Posted by Jo-Anne Smith (Your Choice Realty Corporation, Brokerage) almost 8 years ago

hi Marcia,

Excellent points with regards to what to watch for.  The 10 day period begins from the time of acceptance as it may take a bit of time to get the status certificate for review.  Of course, the conditional period is entirely dependent on the two parties who are involved and their agents. It sounds like things are quite different in Florida.

Jo

Posted by Jo-Anne Smith (Your Choice Realty Corporation, Brokerage) almost 8 years ago

Jo - Unfortunately yes, he is back in school now with some measure of protection but the issue is not totally resolved. At least they are trying.

Posted by Barrie Clulow (My Time Is My Own) almost 8 years ago

Hi Barrie,

I'm glad to hear they are trying to resolve the issue and there is an element of protection involved.

Jo

Posted by Jo-Anne Smith (Your Choice Realty Corporation, Brokerage) almost 8 years ago

Hi Jo - unfortunately it is not enough as he had an airborne reaction the other day

Posted by Barrie Clulow (My Time Is My Own) almost 8 years ago

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