Friday, December 18, 2009

Considerations When Buying A Condominium

In addition to price and location, there are other important factors that should be considered when making your home purchase. The Canada Mortgage and Housing Corporation (CMHC) has done a great job of creating a comprehensive guide to explain the basics of condo ownership and help potential buyers through the selection process.

The CMHC Condominium Buyers' Guide can be downloaded for free here.

We think this guide might be especially helpful for first-time buyers, and have highlighted some points of interest after the jump.

Topics discussed in the Guide that may be of particular interest for first-time condo purchasers:

Condominium Ownership
  • What is a condo?
  • Condo regulations and property maintenance
  • Pros and cons to condo living
What Type of Condominium is Right for Me?
  • New, re-sale or conversion
  • Expenses related to owning a condo
Getting Help from the Experts
  • Who to consult about buying a condominium
  • How to determine if a condo is in good financial and physical condition
Handy Checklists:
  • Physical Checklist (p.23) to help you inspect the condition of the unit, the building interior/exterior, and assess what costs may be involved if repairs are necessary
  • Condominium Selection Checklist (p.43) includes a list of common considerations to help you make your selection