What You Should Know Before Buying A Condo

What is a condominium?

A condominium is a type of ownership where certain parts of the property (the units) are owned by individuals, and certain parts (the common elements) are owned in common by the unit owners, all of whom are members of the condominium corporation (the organization responsible for the operation of the condominium). Ownership of a condominium means you own the specific unit plus individual interest in the common property. You have ownership over all space and improvements within the walls of your unit.

It is very important to know that you are buying the condominium building first and then the unit, so make sure you like the building and its financial position.

There are many important things to gather information on such as :

• What are the condo fees and property taxes?
• What is the reserve fund?
• Who manages the condominium complexes?
• Are there restrictions such as pets, age stipulations and rental restrictions?
• and many more

I'd love to help you buy or sell your next condominium in the Vancouver Island area. Simply fill out the form below and I will contact you as quickly as possible.