5 costly mistakes condo buyers make
The most common and most expensive ones, and how to avoid each.
1. Shopping by price and ignoring the monthly fee
Two units at the same price can differ by hundreds of dollars a month once maintenance fees are counted. Compare total monthly cost, not just the asking price. The monthly cost calculator does it for you.
2. Skipping the status certificate review
The status certificate is where an underfunded reserve fund or a coming special assessment shows up. Make your offer conditional on your lawyer reviewing it. Here is what it contains.
3. Assuming parking and the locker are included
Check whether each one is owned, exclusive-use or rented, and whether it carries its own fee. It changes both the value of the unit and how easy it will be to resell.
4. Not reading the rules
Every building has rules on pets, short-term rentals, renovations, barbecues and more. If a rule conflicts with how you plan to live or what you plan to do with the unit, you want to know before you buy.
5. Not looking at what sold in the building
Asking prices are what sellers hope for. Sold prices for the same floor plan are what the unit is worth. Ask for them before you offer. Request recent sold prices for any building.
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