Many people consider condo ownership as a small first-time home, as an option when downsizing or for various other reasons throughout their lives. While condominiums can sometimes have a lower "sticker price" and often require less maintenance from the owner, there are several important considerations to keep in mind when deciding if condo ownership is for you!
When you purchase a condominium, you are buying into a Corporation. A Condominium Corporation is run by a Board of Directors, made up of a small number of homeowners. The Board of Directors is responsible for securing insurance coverage, keeping financial records, executing maintenance contracts, making decisions on repairs, and much more, or hiring a property management company to take on many of these responsibilities.
As You Plan, There Are Some Important Questions To Ask:
· How much are monthly condo fees?
· What is covered by my condo fees?
· How will I benefit from condo ownership?
· Can I comfortably afford monthly fees and any special assessments along with my mortgage payment?
· Am I either willing to be involved with a Board of Directors or comfortable leaving decisions about my property in the hands of other volunteers?
· Are there any restrictions set out by the Corporation that I need to be aware of? (i.e., no pets allowed)
We Can Help You:
No two Condominium Corporations are the same! Each Corporation has its own unique set of by-laws and declarations. When considering buying or selling a condominium, you will benefit from engaging a Realtor (trademark) knowledgeable in understanding these types of documents and all of the other intricacies of condo ownership. This is where Krown Realty comes in! We have over 10 years of experience in Condominium Management, currently managing 20+ condo corporations in the St. John's area. The expertise we have gained from property management makes us uniquely positioned to walk you through this process step by step and hand in hand! We are well versed in interpreting condo by-laws and financial statements to ensure that our clients have a crystal clear picture of the particular property before purchasing.
If you're interested in buying or selling a condominium, let's talk! We are knowledgeable and passionate about ensuring our clients have all of the information needed when marketing their condo for sale or investing in a condominium purchase!