If you’re considering buying a condominium in Collingwood or the Blue Mountains, this guide highlights essential questions and considerations to keep in mind. Janet Piotrowski, a local real estate expert, brings her deep knowledge of the market to help you navigate this unique form of home ownership.
What is a Condominium?
A “condominium” is a type of legal ownership rather than a specific style of building. While high-rise condos are common, condos also encompass low-rise buildings, townhouses, duplexes, triplexes, single-detached homes, and even vacant land where owners can build.
Key Differences Between Condo and Single-Family Home Ownership
Owning a condo means owning your private unit and a share of all common areas, including:
- Lobbies, hallways, and elevators
- Recreational facilities, walkways, and gardens
- Structural elements and shared mechanical systems
In addition to the purchase price, you’ll pay a monthly maintenance fee for the upkeep and replacement of these common areas.
Condominium Governance & Community
As a condo owner, you’ll be part of a condo corporation. This means adhering to community rules set by the condo board. Here are some questions to consider:
- Are you comfortable following the condo board’s bylaws?
- Have you reviewed an up-to-date copy of the condo rules from the seller, property manager, or board?
Pros and Cons of Condo Living
Benefits of Condo Ownership
- Less responsibility for repairs and maintenance
- Predictable monthly maintenance costs
- Access to on-site amenities (gym, pool, etc.)
Potential Downsides
- Less privacy and control over repairs
- Monthly fees for amenities you may not use
- Restrictions on parking, pets, or smoking
Key Questions When Buying a Condominium
When evaluating a condo purchase, be sure to ask:
- Affordability: What’s your comfortable budget, including mortgage payments, condo fees, utilities, insurance, and taxes?
- Management & Condition: Is the condominium well-managed, financially stable, and legally sound?
- Warranty & Protection: Is it covered by a new home warranty? If it’s a resale, is there remaining warranty coverage?
- New Construction or Resale Details: For new units, understand the specifications and timeline for completion. For resales, request the annual operating budget, financial statements, and status certificate.
Helpful Resources for Condo Buyers
Access CMC’s online checklists and tip sheets to support your decision-making process. Resources cover:
- New vs. resale condominium buying tips
- Expected purchase and recurring costs
- Physical evaluations for resale units
- Questions to ask your advisors and condo experts
Whether you’re a first-time buyer or a seasoned investor, navigating the condominium market in Collingwood and the Blue Mountains is made easier with Janet Piotrowski’s expert insights and guidance. Reach out today to start your journey to finding the perfect condo home.