Some potential condo buyers have no interest in ever purchasing a single-family home. They love the low-maintenance, urban lifestyle that their more affordable unit provides, and they can’t imagine living anywhere else. Others might want to make a move up in the future—but for now, there’s nowhere they’d rather call home than the perfect condo.

Living in a condo can be fabulous. That said, it isn’t right for everyone. Fortunately, understanding the purchase process and what to look (and look out) for will help you make an informed decision.

If you’re thinking of starting the search for your dream condo, here are a few things to know before you dive in…

Pre-construction may or may not be for you

If you’ve been keeping an eye on the real estate market, you’ve probably noticed how much buzz pre-construction condo projects tend to get. If you’re like many prospective buyers, you may be tempted to jump in and secure a unit in a hot new development. Doing so could be one of the best decisions you ever make—but that depends on your preferences and situation.

For many buyers, purchasing a resale condo is the right choice. Going this route will allow you to look at units in person, so you’ll know exactly what you’re getting before you commit. If you’re planning to move into your condo instead of buying it as an investment, you’ll also have the opportunity to do so immediately. You may also prefer the character of an older building. 

Of course, there are some for whom only brand new will do! If you’re considering buying pre-construction, just be aware that the process is unique. From the deposit you’ll pay to the timeline you’ll follow, make sure you get a sense of the steps involved.

If you’re thinking of buying a new condo, check out some of our other informative articles:

• Conditions & Clauses On A Real Estate Purchase
• 7 Amazing Benefits Of Working With A Real Estate Agent
• How To Win In A Multiple Offer Scenario

Your status certificate really matters

If you don’t know what a status certificate is, you’re not alone. But understanding this crucial packet of information will be one of the keys to making a successful condo purchase. It contains everything you need to know about the unit you’re thinking of buying, with a special focus on the financial health of the building it’s located in.

Specifically, within the status certificate, you’ll find bylaws and rules, insurance info and condo corporation financial documents (among other items). There will also be a copy of the most recent reserve fund study (which can help you understand how much money is available for repairs, replacements and other issues that arise). 

Given its importance, you’ll want to ensure that your lawyer reviews the status certificate for any unit you’re seriously considering. The good news is, you can obtain a copy easily for a $100 fee—and in many cases, the seller will be willing to cover this cost.

Reputation matters, too

When you’re looking at a resale condo, consider how the building is perceived. Is it a desirable place to live? If not, there could be a good reason for that. Does management have a history of neglecting repairs or resident complaints? Are there lawsuits against the building? If you find a place that’s priced below market value, these are important questions to look into.  

If it’s a new unit you’re thinking of buying, reputation should still play a factor. Is the developer known for getting things done in a timely manner, or are long delays to be expected? Have they cut corners or resorted to using inferior building materials in the past? It happens. 

The good news is, an agent who knows the condo market in your area can provide the context you need to ensure that the building you’re looking at—or the developer building it—is reputable.

Think you’re ready to purchase a condo? Start by reading some of our top resources on buying.

• 5 Things to Know When Buying a Condominium
• Case Study: How We Sold 13 Condos in 48 Hours
• Hidden Costs of Buying a Home You Need to Know

Condo fees can vary greatly

If you’re thinking about buying a condo, chances are you know what condo fees are. This monthly expense is separate from your mortgage, and it covers costs that allow your building to run smoothly—and provide you with the low-maintenance lifestyle you desire. 

Condo fees are typically calculated on a per-square-foot basis, and they can vary from one building to the next. The difference can be hundreds of dollars, which is why it’s so important to factor them in early on!

The most common expenses rolled into condo fees are utilities (be sure to clarify if they’re all included), maintenance of common elements (think lobbies, amenities and the grounds around the building) and contributions to the reserve fund (which is set aside for unexpected repairs).

You may not need an inspection

Most buyers wouldn’t consider buying a house without a thorough and professional inspection. When it comes to condos, you may be able to safely skip this costly (and sometimes annoying) step. That’s because unit inspections don’t include major systems or common elements, which you help pay for through your monthly fees. You will still want to check things like water pressure and turn on all the appliances as those are your responsibility as a condo owner.

Your status certificate should provide all the financial information you need to make an informed purchase, so make sure you and your lawyer review it in depth. You may want to include a status certificate condition in your purchase agreement, which would make your purchase contingent on a successful certificate review.

When it comes to brand-new buildings, you don’t have to worry. Your unit will come with a Tarion warranty, and an inspection is automatically part of the deal.

There’s nothing quite like condo living!

Are you dreaming of owning a home—minus all the snow shovelling, lawn care, furnace tune-ups, and general repairs? Do you love the idea of living a walkable urban lifestyle in the heart of the city? What about enjoying amenities like an on-site pool or gym?

Honestly, the condo life comes with no shortage of perks. If you’ve done your research and think you’re ready to experience it for yourself, the right agent can help you find a unit that works with your priorities and checks all your boxes. It all starts with a consultation!

Ready to start looking for your dream condo? Check out our latest listings here, or get in touch to learn how we can help you with your search!