IMPORTANT QUESTIONS YOU SHOULD ASK BEFORE BUYING A CONDO
District Griffin’s popularity in the real estate market is proof that people in Montreal and Quebec, are rediscovering the joys of living in a condo. A condo can provide a sense of ownership with minimum amount of maintenance.
Often, our clients have several questions about condo projects and the pros and cons of living in a condo unit and usually don’t know where to start. If you are condo shopping, we would like to help you with your homework. Here are a few important questions you should ask in order to make the right choice.
Developer’s reputation and their previous projects: It is necessary to know the history and reputation of the developers behind the project. You need to know their previous residential projects, the quality of construction materials, the general contractors they’ve worked with, and their success rate in sales.
Find out whether or not the project offers any additional guarantee (for example Qualité Habitation). Usually developers pay for this type of guarantees. However, it is always better to be well informed of what is covered by it. And in case a non-visible flaw or deficiency appears in the future, who is responsible for the repairs to the property?
Also, is there any after-sales service support and for how long will it be offered? And what are the services offered by the developer once you have taken possession? While you shop around, keep in mind you might keep the property for a couple of years. Therefore, it is convenient to buy in a project by a developer who’s been in the industry for a while.
Maintenance or condo fees and what they are used for: A poorly maintained building can cost you and it can decrease the value of your unit. Because the building or common areas are jointly owned, every unit pays a condominium fee for upkeep and repairs. You should consider the cost of maintenance into your purchase price. Make sure that you are not misinformed and that you know exactly what is included in the fees and any extras you have to pay in addition after you move in.
The realtor: Who is the realtor behind it? A well-known and reputable realtor will give you the confidence that market experts believe in the project. Also, given their status in the industry, it is very likely that the overall project will be sold.
Amenities, services and common spaces: It is important to know the amenities and services offered in the project. For example, if it is a big building you would want to know how many elevators and where are they located? You also want to know about the amenities, the common areas, times and restrictions, and if you have in-door parking and its ceiling’s height. In addition, make sure a locker is part of the deal. There is never enough storage space.
We hope this informative note will come in handy when you shop around for your dream condo.