Tips for Buying a Condo

Condo living is a popular choice for Canadians as it is a relatively hassle-free option. Most real estate agents have a list of condominiums for sale in most major cities. This guide will give you some basic information about buying condos and what you should know before taking ownership.

What you will pay

Condo owners often pay the same taxes as other homeowners for garbage pickup, road repairs, and snow removal. However, some municipalities consider condominiums as private communities and may not offer these services in your region. Before buying, it is best to ask the local municipal office about the types of services that are carried out or you may need to pay an independent contractor instead.

Are there any monthly fees?

In addition to municipality taxes, you may also need to pay monthly condo fees as part of your share of the common property. The monthly payment covers upkeep of the communal grounds, building insurance, utilities, and snow removal. Some of the money you pay every month will be put aside as a reserve fund in order to cover the cost of future repairs and maintenance.

Check the boundaries

It is important to know where your unit’s boundaries are situated prior to purchasing. For instance, you should determine whether you will be paying for exterior repairs of your condo’s bricks or window washing as some condominium corporations accept responsibility. Some condo units include the ownership of the land so you would be responsible for a portion of the entire building including the lawn, roof, and walls. Your appointed real estate lawyer can find out this information on your behalf through a professional surveyor.

Affordability

It is important to know how much you need to set aside to purchase your condo. It is best to shop around and compare the prices of different condominiums as well as the monthly fees for each unit. Be prepared to view a variety of different designs such as low-rise or high-rise units with or without amenities. You should also check the reputation of the builders to ensure the condos are built to the highest standard.

How are prices determined for new condo units?

Most developers sell units at a price based on square footage; however, this is not based on the interior measurements. The measurements of the unit are determined by outside walls as well as the middle partition walls. The difference in size between the footage and the sale price can be between 8 to 12%.

Your role in a condominium community

When you become a condo owner, you have certain responsibilities in the condominium community. One of your main rights is to vote at general meetings that relate to the condominium. There are also regular meetings held by all syndicates which you must attend whenever possible.

Any Time Is the Right Time for Basement Renovations

The basement is often used in family films to portray a dark scary corner of the house where spooky creatures hang out and eerie noises come from at all hours. For many people, the reality isn’t far off, without the spooky creatures of course. Basements are mostly used as dumping grounds for old exercise equipment, luggage and anything that doesn’t fit in the closet upstairs. This is mainly because people see the renovation of their basement as a chore, but knowing when it’s time to renovate could save you a small fortune.

More Space

We live in a world where the need for living space is increasing but wages and jobs aren’t providing the financial resources to allow families to move into larger, more spacious homes. A basement renovation offers a fantastic opportunity to increase the space available to your family, and as most of the pipes and drains come into your house from underneath, it’s a cheap way to create an extra bedroom or living space. However, be careful of the following possible unforeseen costs:
• Extra headroom – most basements aren’t deep enough to comply with modern building regulations, so you may find yourself having to dig out the floor first in order to add the extra feet needed.
• Diverting drains and pipes – you’ll need to find out exactly where all the drains and pipes are underneath your home before you start to renovate because redirecting them, especially the main waste pipe, can be an expensive process.
• Installing additional windows – while it’s tempting to create a closed off cozy space under your home, you’ll need windows to act as ventilation to allow the flow of air through the space. This can be expensive if you don’t plan their placement correctly.

Damp Problems

A main reason to undertake a basement renovation is problems with damp and mold. Unless you’re on a large slope, your basement will most likely be fully underground, making it susceptible to incoming water. The waterproof coursing in most basements lasts for around 10 years at its full capacity, meaning that you should renovate the space frequently to prevent damage to the foundation walls.

Minimizing Heating Expenses

It could be time to renovate your basement if you’re finding your heating bills are rising rapidly. An unsound basement can lose a lot of heat very quickly, requiring you to pay more to heat a space that is rarely used. Turning it into a more practical space not only allows you to justify heating the rooms, but also gives you the opportunity to rethink the heating system for your entire house.

Basement Renovations can be costly projects, but they will bring many positive changes to your home and should be undertaken in a timely manner to avoid them becoming even more expensive.

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