Management fees are generally in the top five of the highest expenses within a Condominium Corporation’s annual budget. If the unit is new and the agreement is between you and the declarant (developer), you are entitled to receive information about the survey, design plans of the condominium, declaration, by-laws and common elements rules and regulations of the corporation.
Buying a condo does not have to feel like “settling for less” as most condos come with first rate amenities such as a sizable terrace, a great view, a true loft, a location close to public transit or perhaps even a swimming pool or gym in the building.
Three of the most common causes of annoyance to condominium owners are pets, people and parking — the three Ps.” That’s why condos have rules and restrictions around them and other issues, such as noise and the number of people who may live in a unit.
Condo buyers are divided into three main groups: for the first time buyers to quit rent; people looking to buy a second home that will use part-time and retirees who are trading in high-end housing for low-maintenance a lifestyle offers condominiums.
There are baby boomers who are at or nearing retirement and want somewhere they can “winter.” There are also plenty of investors who purchase a condo hotel unit with little intention of ever using it; they’re in it for the potential appreciation of the real estate.