Harpreet’s perspective
Real questions. Real properties. Real numbers.
Condos can be excellent properties. They're often attractive to first-time buyers, downsizers and investors. But when you buy a condo, I'm interested in more than the unit. I want to know what's happening with the building.
The Building Matters
Condo fees matter. Reserve funds matter. Special assessments matter. Building condition matters. Documents and financial health can matter.
That beautiful $400,000 condo doesn't feel quite as beautiful when an unexpected special assessment arrives with enough zeros to require sitting down.
Review the Right Information
That's why your lawyer and other appropriate professionals should review relevant condominium information and documents as applicable. From the mortgage side, the property itself also needs to meet lender requirements.
Buy the Unit—and Join the Building
For an investor, we'll additionally look at rent, condo fees, property taxes and overall cash flow. Don't buy the granite countertops and accidentally inherit somebody else's deferred maintenance problem. You're buying the unit. But you're joining the building. Understand both.