Here is a list of things to think about before you buy. You can use the chart below to ‘score’ each condo you consider. Give each question below an importance rating based on your wish list, with 10 being very important and 0 not important at all. This exercise is to help you make sure that you have considered all the factors that are important to you before you make a decision.
Amenities
- Is the condo close to amenities such as shops, restaurants, public transit etc?
- Does it have an exercise room?
- Does it have a pool?
- Does it have a party room?
- Does it have a convenience store?
- Does it have a balcony or a rooftop terrace?
- Does it have parking available?
- Indoor or outdoor? Visitor parking?
- Does it have suitable storage available?
Condo Rules
- Are the rules & restrictions clearly defined & understandable?
- Are the rules reasonable (can I live under these rules)?
- Are there rules about the number of occupants permitted?
- Can I rent out my unit?
- Can I operate my business from the condo?
- Can I take my pet? Are there size or other restrictions involving pets?
- Does the management fit my lifestyle (security system vs. concierge)?
Affordability
- Can I afford the monthly condo fees along with mortgage payments, Taxes, insurance & other expenses?
- Are there upgrades that I need or want & how much do they cost?
- Is cable/satellite and or Internet access included?
- How is the condo heated/cooled/ventilated?
- Are utilities included in the condo fees & if not, what is the cost?
The Building
- Is the condo in good physical condition?
- Does it seem well built and well maintained?
- Are the grounds attractive and well maintained?
- Does it have fire protection systems (eg. Smoke detectors, sprinklers)?
- Is it a quiet building?
- What is the sound proofing like? (Ask owners)
The Condominium Corporation
- Is the corporation in good financial condition?
- Is all documentation for the condo accessible & in good order?
- Are there any legal claims or judgements against the condo corporation?
Community & Lifestyle
- Is the condo strictly residential or mixed-use?
- What is the proportion of owner-occupied to rented units?
- Is it accessible for people with special needs?
- Are there any noise implications such as garbage chutes or elevators?
- Are utilities included in the condo fees & if not, what is the cost?