drlove 37202 Report post Posted November 11, 2009 Hi all, I'm in the process of buying a condo at the moment. Any tips, do's and don'ts, or other helpful advice? Thanks! Quote Share this post Link to post Share on other sites
jpsohot 100 Report post Posted November 11, 2009 Be careful of the new condos, they hook you with the low condo fees the first and even second year then BOOM the condo fee goes up and even doubles the next year!!! You go from something like 200 a month to 450 or 500 !! Also if you re buying an older unit make sure they have good reserves incase the condo board needs to spend money on some unexpected items. ALL in all........do your homework!!! Quote Share this post Link to post Share on other sites
bigdawg 473 Report post Posted November 11, 2009 definatley do your homework, check to make sure they have a good reserve fund also, also if it sounds to good to be true it's because it is. Quote Share this post Link to post Share on other sites
Guest C**Tra****er Report post Posted November 11, 2009 Make sure you have it inspected (not that those people catch everything by any means) or walk through yourself if you know what you're looking for and especially watch out for DIY renovations where the previous owner didn't have a clue what they were doing. I would avoid those condos off of Lady Hammond Road that used to be called Centre Point Apartments. A good friend of mine owned a condo there and sat on the condo board.... huge issues with those units! Good Luck :) Quote Share this post Link to post Share on other sites
drlove 37202 Report post Posted November 11, 2009 The condo I'm looking at is pretty nice. Solid concrete construction, and they are providing new tile and laminate flooring, and five new appliances incl. washer and dryer. The previous comment about the condo fees has me worried though. They are very low, but it's because they only include general exterior maintenance. I can't see them going up too much in the future for that reason. Quote Share this post Link to post Share on other sites
antlerman 17064 Report post Posted November 11, 2009 find out if the condo is managed by a managment corporation..CCC...some times they are managed by a group of tenants..and that often goes wrong..... Quote Share this post Link to post Share on other sites
TracieGold 282 Report post Posted November 11, 2009 Dear, check the Status Certificate and make sure the condo is in a good standing regarding its payments and projects. Also, condos can have very expensive monthly fees, check it and compare with other condos in the level you are looking for. I could help you, send a PM to me and I will answer any question you may have....I know about this..... Hugs and more Tracie:roll: Quote Share this post Link to post Share on other sites
thompo69 198 Report post Posted November 12, 2009 find out if the condo is managed by a managment corporation..CCC...some times they are managed by a group of tenants..and that often goes wrong..... Just to clarify, what antlerman is suggesting is that you make sure that the Corporation has hired a professional property manager. All condos have a Corporation, operated by a Board of Directors consisting of those elected by the owners. Most Boards will hire a property manager to handle the day to day stuff, but some are self-managed, meaning the Board handles the day to day stuff themselves. This can mean lower condo fees as the Board doesn't need to pay a property manager, but more hassles if they don't really know what they're doing. To be clear, a property manager is not a superintendent, although in larger buildings, they may hire an on-site super as well. In general, I would agree with antlerman, but also look into property management companies as they are not all created equal, and in smaller buildings it may be possible to have it effectively self-managed. Quote Share this post Link to post Share on other sites
thompo69 198 Report post Posted November 12, 2009 The condo I'm looking at is pretty nice. Solid concrete construction, and they are providing new tile and laminate flooring, and five new appliances incl. washer and dryer. The previous comment about the condo fees has me worried though. They are very low, but it's because they only include general exterior maintenance. I can't see them going up too much in the future for that reason. Is this a new building? If you've been told the fees only include exterior maintenance, I think someone is playing games with you, as they would have to include interior maintenance as well, including cleaning. With a new build, there are a few issues that lead to big jumps in fees early in the game. Initial fees are based on a budget prepared by the builder. The first issue is that this budget is usually prepared at the beginning of the build, which is likely a few years before people move in. Thus, by the time folks move in the numbers are a few years out of date. This is compounded by the fact that builders are notorious for low-balling the numbers in the first place to promote sales. When it comes time for the Board to prepare their first budget they now have real numbers to deal with, and must budget accordingly, often leading to significant increases. As an example, I had two years between purchase and registration of my condo, and had an increase of about 20% in condo fees after the first year. Fortunately, our board did a really good job of keeping costs in line so we didn't face a significant increase the next year, but this can be an on-going problem with a poorly run Board. The other thing to keep in mind is that as of next July 1, Ontario will have a Harmonized Sales Tax which, while not applying directly to condo fees, will lead to an increase in costs for many boards leading them to have to increase fees accordingly. Quote Share this post Link to post Share on other sites
TracieGold 282 Report post Posted November 13, 2009 Are you understanding all of this? trace Quote Share this post Link to post Share on other sites
drlove 37202 Report post Posted November 13, 2009 I think I'll keep my options open and check out a few other places as well too. Quote Share this post Link to post Share on other sites
Emma Alexandra 123366 Report post Posted November 13, 2009 Buy a house..:wink: Quote Share this post Link to post Share on other sites
capitalman 3861 Report post Posted November 13, 2009 I might have to agree with Emma. Check out the company building the condos. View and inspect other buildings or homes they've built. And just because a home they built is nice, doesn't mean a condo they're about to build will be nice. I would NEVER buy a condo again without first seeing it, in the flesh already built. I can't explain the problems encountered with a condo I helped a family member purchase. The builder was reputable, their construction was quality but their condo is/was crap. PM me for more details if you dare. They will cut corners like crazy once construction starts to save money and what you think you're getting may not be what you get! Quote Share this post Link to post Share on other sites
cat 262460 Report post Posted November 13, 2009 My suggestion....PM Dummpy. He is a wealth of information and has never steered me wrong. He finds amazing properties that are off beat and great deals... Cat Quote Share this post Link to post Share on other sites
kih 458 Report post Posted November 13, 2009 I might have to agree with Emma. Check out the company building the condos. View and inspect other buildings or homes they've built. And just because a home they built is nice, doesn't mean a condo they're about to build will be nice. I would NEVER buy a condo again without first seeing it, in the flesh already built. I can't explain the problems encountered with a condo I helped a family member purchase. The builder was reputable, their construction was quality but their condo is/was crap. PM me for more details if you dare. They will cut corners like crazy once construction starts to save money and what you think you're getting may not be what you get! Similar to a bait and switch tactic. Quote Share this post Link to post Share on other sites
Guest S***e Report post Posted November 13, 2009 I've owned several over the years and I own one now which is a nice townhome amongst several others. All is well with the Condo Board and with the professional management company. The worst experience I encountered was in a small condo development of fewer than ten units and it was self-managed. It didn't work well as the other owners wanted to keep condo fees as low as possible and cut a lot of corners some of which were against the Condominium Act. Just thought I'd mention it just in case you are considering a smaller development, e.g. 10 or fewer. I stick to larger developments that are professionally managed, well cared for and have reasonable condominium fees for the amenities offered. The more stuff in the development, e.g. swimming pools, indoor parking garages, gyms, party rooms, security services and the like will be reflected in the condo fees as well bear in mind the increased likelihood of a supplementary assessment/levy to cover off repairs to the amenities and common elements especially for pools and concrete indoor parking garages. I travel quite a bit and condominiums are more convenient for me. That said, when I retire in the near future I will probably sell it and buy a single family home as I prefer being independent. Quote Share this post Link to post Share on other sites
drlove 37202 Report post Posted November 13, 2009 Buy a house..:wink: I would, but I work six days a week so I really don't have time to deal with maintenance issues / upkeep that goes along with owning a house. Quote Share this post Link to post Share on other sites
PistolPete 61421 Report post Posted November 13, 2009 I would, but I work six days a week so I really don't have time to deal with maintenance issues / upkeep that goes along with owning a house. Buy a motorhome and go on tour drlove! just kidding! Quote Share this post Link to post Share on other sites
drlove 37202 Report post Posted November 13, 2009 Also, how important is soundproofing? The one I was thinking about buying is constructed out of concrete, so I doubt there would be any noise issues. I have my eye on another one in a different building as well. With regard to this one, I was told by the real estate agent that the construction is solid. However, a co-worker who owned a condo in it a few years ago told me that it's not soundproof. Therefore, I may hear noise coming from other units. In the daytime this wouldn't be an issue, but I want peace and quiet when I go to sleep at night! Quote Share this post Link to post Share on other sites
drlove 37202 Report post Posted November 13, 2009 Buy a motorhome and go on tour drlove! just kidding! Hmmmm...... Quote Share this post Link to post Share on other sites
drlove 37202 Report post Posted November 13, 2009 I've owned several over the years and I own one now which is a nice townhome amongst several others. All is well with the Condo Board and with the professional management company. The worst experience I encountered was in a small condo development of fewer than ten units and it was self-managed. It didn't work well as the other owners wanted to keep condo fees as low as possible and cut a lot of corners some of which were against the Condominium Act. Just thought I'd mention it just in case you are considering a smaller development, e.g. 10 or fewer. I stick to larger developments that are professionally managed, well cared for and have reasonable condominium fees for the amenities offered... The unit I'm considering buying right now is in a large building. I also like the fact that the condo fee includes everything, so there are no extra bills to worry about. Quote Share this post Link to post Share on other sites
Guest S***e Report post Posted November 14, 2009 I think you will be fine. The only problem I found with "all inclusive" condo fees is that people tend to not temper their water, heat and hydro consumption thereby causing an increase in fees and all end up paying for them. Personally, I prefer to pay for what I use, however if you go the "all inclusive" condo fee route, you are better able to budget your monthly expenses. If the building has a concrete indoor parking garage ther may be some higher maintenance costs due to erosion from road salt which has happened in Ottawa in past years I'm told. It sounds as though you are being diligent by looking into this matter so whatever you decide I'm confident you will be happy in the long run. Keep you eyes wide open and ask questions as the need arises. All the best. The unit I'm considering buying right now is in a large building. I also like the fact that the condo fee includes everything, so there are no extra bills to worry about. Quote Share this post Link to post Share on other sites
CapitalGuy 94 Report post Posted November 22, 2009 I have found that many new build condos have horrible soundproofing, concrete construction or not. I suggest you spend a night or two in the unit you are thinking of buying, if at all possible. Bring a sleeping bag and an air mattress. If its currently occupied it might be more difficult to arrange, but if its owner-occupied, he might take it as a reasonable request from a serious buyer. In the long run, its worth your while to offer to put him up in a hotel for a couple nights so you can assess the quietness of the unit for yourself. You definitely need to hang around the building at different times of day before you commit to a purchase, 'cause once you're in, its too late. Also, ask about your potential neighbours. How old are they, what kind of jobs do they have, how long have they lived there. Ask the current resident, the building manager (who has no vested interest in lying to you), and anyone you bump into in the hallway. The direct concern is either side, above and below. If they are younger, students, or renters sharing a unit, they might be hard partiers and your quiet nights are gone. Quote Share this post Link to post Share on other sites
drlove 37202 Report post Posted November 22, 2009 So far, I have been there a few times and have never heard any noise whatsoever. I've heard from several people that it is a quiet building, and that there are a lot of older folk living there. Moreover, all the present renters will be evicted to make way for buyers. That said, the owners will have money, and a vested interest in the building which is good. Unfortunately, there is no way I can spend an overnight in the building, so I'm taking my chances. From what I can tell though, the construction is solid and their ad mentions that since it is concrete it will aid in soundproofing. Also, when choosing my unit I picked the one where my bedroom borders on the next door unit's bedroom as well - as opposed to their living room. Hopefully, that will help. I have found that many new build condos have horrible soundproofing, concrete construction or not. I suggest you spend a night or two in the unit you are thinking of buying, if at all possible. Bring a sleeping bag and an air mattress. If its currently occupied it might be more difficult to arrange, but if its owner-occupied, he might take it as a reasonable request from a serious buyer. In the long run, its worth your while to offer to put him up in a hotel for a couple nights so you can assess the quietness of the unit for yourself. You definitely need to hang around the building at different times of day before you commit to a purchase, 'cause once you're in, its too late. Also, ask about your potential neighbours. How old are they, what kind of jobs do they have, how long have they lived there. Ask the current resident, the building manager (who has no vested interest in lying to you), and anyone you bump into in the hallway. The direct concern is either side, above and below. If they are younger, students, or renters sharing a unit, they might be hard partiers and your quiet nights are gone. Quote Share this post Link to post Share on other sites
