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Choosing the neighbourhood.
Find a community where you will be comfortable. Drive and walk around during the day and night to get a sense of the character of the area. Check crime statistics, locations of nearby schools, shopping centers, community centres etc.
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Know your budget.
Canada Mortgage and Housing statistics say ther are 1.3 million people renting who don't realize they can afford to own. Check with a mortgage broker to find out how much you qualify to borrow and what your exact monthly payments would be.
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Amenities - will you use them?
Indoor pools, saunas, weight rooms, meeting rooms, guest suites, libraries, and racquetball courts are great if you use them. Most people don't take advantage of these amenities but pay for them anyway.
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How will you adapt to condo living?
If you have never lived in a condominium before, you need to realize that you are going to be living in community where certain spaces are shared by everyone.
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Frame or Concrete?
There is an ongoing argument with the level of soundproofing. Concrete buildings are usually quieter than frame.
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Priortize your needs.
Every condo offers different features. If you have a pet, would like a view, or need two bedrooms are some of the things you might consider before you start your search.
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Strata Fees
You will need to know what these monthly fees cover, (preventative maintenance of common areas, heat, hot water, management etc.) and how the money is spent. Some buildings build up a large contingency fund in case corrective maintenance is needed, and others have a smaller contingency fund and will make major repairs by way of assessment.
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Financial Statements
Before making an offer on a condominium, make certain you have seen a copy of the most recent financial statements. (budgets, balance sheets and income statements). If you have difficulty reading financial statements, and most people do, find someone who can understand them.
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Bylaws
Many strata corporations have bylaws which you must be made aware of before making a purchasing decision. They might restrict rentals, pets, children or any number of important details.
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Minutes from Annual General Meetings
Reading the minutes will make you aware of what is happening in a building, whether small problems get fixed in a timely fashion and if owners are generally content with their building.
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Leasehold or Freehold
Most people don't fully understand what a leashold interest is and rule out the possibility before investigating. A leasehold is where you lease the land from a private source or public (City of Kelowna). Leases are either prepaid or paid on a monthly basis and are an axcellent investment for some people.
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Management of Building.
Some buildings are self-managed while others are managed by an outside source. Self managed buildings usually require more involvement from owners resulting in lower monthly strata fees.
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Strata Corporations and Strata Councils.
The strata corporation is responsible for the enforcement of the bylaws, and the control, management and administration of the common property, facilities and assets of the strata corp. A council is comprised from the strata corp.
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Which Realtor® to Use.
Work with a Realtor® who specializes in the area. Experienced Realtors® know what is available and whether or not a building has a history of problems.
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Limited Property Common
A strata corporation may designate an area as limited common property for the use of one or more strata lot owners and may remove the designation.
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Insurance
The strata corporation shall obtain and maintain insurance improvements owned by the strata corporation to the replacement value.
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