Four Questions to Ask Condo Owners Before Buying a Condo

If you're considering moving to that great looking condo across town that's in the perfect neighbourhood, you might be excited to finalize the deal as soon as possible. However, before you sign any papers and commit yourself to a long-term mortgage on the property, there five essential questions that you must ask the building owners. Within this article, we'll examine these four key questions and outline their importance in terms of the purchase process.

1) What Do the Building Maintenance Fees Include?

You'll likely have completed your research when considering the financing for your new condo, so you should have a full understanding as your monthly maintenance fees. But the first question you should be asking to the condo building owners is "What does my building maintenance fee cover?"

In some buildings, your building maintenance fee will pay directly for items such as your electricity and water. You'll want to know precisely what the maintenance fee for the building covers to allow yourself to create a structured budget that takes into account each of your monthly expenses. Another key question to ask at this juncture is "When were the building maintenance fees last increased?"

If there has been a fee increase for an extended period of time, that might mean that one is coming shortly, therefore you should take that into account when reviewing your condo building of choice.

2) What is the Building Maintenance Schedule?

When speaking with the condo owner, find out how often they conduct building inspections and maintenance. Clean, well maintained buildings will often have a monthly inspection routine that ensures everything is running smoothly within the property.

You may find that some buildings don't have a current schedule for maintenance. If that's the case, you should find out if they're conducting regular reviews of the property, and if so, what the results of these reviews have been in the previous year. If the building owners are not conducting regular checks, this is a big red flag that the property could possibly be in a state of despair.

3) Is their Extra Storage Space Available?

For those who have personal belongings such as exercise equipment and spare furniture that they're not currently using, it's important to find out how much storage space is available within the condo unit. Ask the condo owner about the security of the storage area. Do they have cameras watching the space? Is there an insurance policy that covers any property that is taken from the storage area? These are two key additional questions that you may wish to ask concerning your distinct storage requirements.

4) Are There Any Restrictions in Terms of Pet Ownership?

While you may not currently own a pet, in the future this might be an option that you would like to consider. When reviewing properties, ask the condo building owner about their pet ownership policies - are they open to allowing you to own a dog or a cat? Or would they only allow smaller, quieter animals in the building?

This question could be of additional importance to those who dislike pets, as an open policy towards tenant pet ownership could have a detrimental effect on the environment within the building due to odour and loud animal noises during the night and day.