Frequently Asked Questions About Condos
If you are looking to buy a condo and have no idea on what to look out for, here are some of the frequently asked questions that will guide you through the selection process. Click here for more information on the Toronto Condo market in 2017.
Do you need a home inspection before buying a condo?
It is not required by law to have a home inspection done before buying a condo. However, it comes highly regarded. The main function of a home inspector is to evaluate the exterior and interior feature and point out the general condition of the condo. This includes looking into faulty electrical appliances, water damages, and plumbing issues. You will also receive a pre-delivery inspection when purchasing a condo. Under the pre-delivery inspection outline, you will be allocated with a representative of the builder’s company, who will give you a walkthrough of the condo. This way, you can point out any missing or damaged features of your house.
What is maintenance fee?
Maintenance fee is also called condo fee and is charged on your shares for maintenance and upkeep. They are calculated on the unit size to the total size of all units in the condo. However, it’s important not to fall for low-cost condos. They can be appealing but pay close attention to ensure they are not in a financial crisis.
How can you determine condo fees?
Most of the condo fees are evaluated on the yearly operating cost of the complex or building which is then divided by the owner’s individual contribution. Every owner is entitled to a vote on whether condo fees need to be increased or decreased as a result of increased overhead.
Is it important to have an insurance policy?
Homeowners need to get an insurance policy that covers the properties owned by the individual. The policy should also include any claims involving areas of the complex or building. However, it’s important to evaluate the coverage covered by the association.
Should children be allowed in all areas development?
Most condos will allow children to use almost all areas of the condo development. However, some condos will have restriction especially if you have young children. Children under the age of 18 can use the landscaped areas which encompass the gazebos. Tennis courts are also open to children but under supervision by an adult. The same case applies to exercise room, play areas, and designated pool area.
Who are the managers of condos?
If you are an owner of a condo, then you become part of a condominium corporation. This cooperation manages all the fairs relating to the building. The cooperation sets out the rules and regulations managing the building. The rules are set out in the by-laws that covers the operations of the condos such as pets, noise and so on.
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Any reliable buyer will tell you yes. Most of them do not require you to renovate the house in any way for them to buy it. Their experienced valuators will assess it and give it a value based on many factors like current market value, the status of the house, years since it was build and location just to mention but a few. Therefore, one does not have to worry about renovation costs.
This is yet another popular question which will receive the same answer. Most buyers will give the home owner the freedom to make a decision of how they want to receive the money. If you want cash, well, you get it. Others prefer bank transfer, and they too will get that. Therefore, this is a convenient way to sell the home if you are in a hurry to move to another location or faced by an urgent financial need.
homeowners. As such, you only need to have a few particulars about the kind of property you will be selling. After doing this, the company is expected to provide a fast evaluation. Once the valuation process is done, the company can make the offer and conclude the deal once both parties are okay with the proposed offer.
The process of selling the property to home buying company is simple and clear. As such, you should never expect unnecessary hassles when striking the deal. Most property buying company buy property of all sorts irrespective of the condition they are in. What does this mean? Do not expect any gimmicks or hidden clauses when dealing with a reputable buying company. The other good thing with most property buyers is that they are not discriminatory in the type of property they buy. As such, you should expect to strike a deal with whether you are selling both rural and urban properties.