What is a condominium? 

A condominium, often referred to as a condo, is a type of property where individuals own their individual units within a larger building or complex. Condo owners also have shared ownership and responsibility for common areas and amenities.

What are the advantages of buying a condo?

 Condos offer various benefits, such as access to shared amenities (e.g., swimming pools, fitness centers), maintenance and repairs being taken care of by the condo association, and potentially more affordable prices compared to single-family homes in the same area.

What is a Condominium Corporation? 

A condo corporation is an organization responsible for managing and maintaining the common areas and shared facilities of a condominium complex. The association is typically funded by monthly or annual fees paid by condo owners.

What fees can I expect as a condo owner? 

As a condo owner, you can expect to pay regular maintenance fees to the condo association. These fees contribute to the upkeep of common areas, building insurance, and sometimes include utilities. Additionally, there may be special assessments for major repairs or improvements.

What should I consider when choosing a condo? 

It's important to consider factors such as location, proximity to amenities, the reputation and financial stability of the condo association, the condition of the building, any restrictions or rules imposed by the association, and the availability of parking spaces.

Are there any restrictions or rules in condo living? 

Yes, condo living often comes with certain rules and restrictions set by the condo association. These can include restrictions on pet ownership, noise levels, remodeling or renovation guidelines, and limitations on renting out your unit. It's crucial to review the association's bylaws and rules before purchasing.

What is a reserve fund, and why is it important?

A reserve fund is money set aside by the condo association for future repairs, maintenance, and capital expenditures. It helps ensure that there are sufficient funds available when major repairs or replacements are needed, avoiding the need for large special assessments.

Can I finance the purchase of a condo? 

Yes, condos can be financed through mortgage loans, similar to other types of residential properties. However, lenders may have specific criteria for condo financing, including a review of the condo association's financials and any pending litigation or delinquencies.

Remember, it's important to conduct thorough research, seek professional advice, and review all documents before purchasing a condo. Each condo complex and association can have its unique characteristics and rules, so being well-informed will help you make a confident and informed decision.