Or have you lived in a condo in the past? Is it something you'd recommend or avoid?
What do you mean by a healthy reserve?I used to. I really liked it. Shut the door and go. Left after the car kept getting broken into. I wasn’t into guitar back then so I’d be concerned about that now. Make sure the condo has a healthy reserve and all major planned maintenance is way into the future.
A contingency fund. Stratas / buildings collect maintenance fees every month. Some stratas are like the Trudough govt and spend everything they make - and live with debt. Some are like a fiscally responsible govt and actually save up for a rainy day. It ain't gonna be sunny days forever.What do you mean by a healthy reserve?
Makes sense.A contingency fund. Stratas / buildings collect maintenance fees every month. Some stratas are like the Trudough govt and spend everything they make - and live with debt. Some are like a fiscally responsible govt and actually save up for a rainy day. It ain't gonna be sunny days forever.
I've lived in a condo and my one bit of advice is get into a building with no rentals - or at least rental restrictions (like 10% of all units). Unless you are planning on renting it out yourself. I find resident owners are more responsible neighbors than renters can be. IMO.
Strat rules aren't legally binding. As long as you adhere to city bylaws, ect. There's shit all they can do about how you choose to use your property. My neighborhood has a covenant which us similar. They try and say you have to get approval for changes to the exterior of the home, lanscaping, paint color and that kinda thing. It's mainly the busy body neighbors that's don't know how to mind their own fucking business that are a pain. The developer doesnt say shit because they know there's nothing they can do about it. I considered painting my house in pride colors just to pick off an ignorant neighbor more than a few times.You are at the mercy of the strata council. That can be OK or a nightmare. As has been mentioned already if you are buying check into the strata finances. You can get screwed if emergency repairs are needed and there is no reserver fund. Hasn't happened to me but I have friends who were hit with a $40,000 assessment when major renos were needed. I lived in a strata titled apartment for a couple of years. The chairperson of the council was a busybody who sat on her balcony all day looking for infractions of the strata rules. The council sent out several letters to rule breakers for extremely minor infractions every month.
Thats all coming to an end in Ontario.........There’s a lot of dirt bags in the condo management business and the boards of directors are usually about as stupid as it’s possible to be so they are useless. Even in a well run place contract work is often done on kick backs to the management company.