12 Best Questions to Ask When Buying a Condo

Be an informed buyer with these simple questions to ask when buying a condo!

Whether you’re a first-time buyer or seasoned homeowner, selecting the right property can be a huge challenge. When it comes to condos, there are so many factors to consider in the buying decision. If you’re wondering what questions to ask when buying a condo, then we’ve got you covered.

These twelve questions to ask when buying a condo will ensure you’re purchasing the unit that’s right for you! Let’s go!

1. Do the other resident’s rent or own?

Buildings with lots of renters will be more transient. There’ll be more people moving in and out, clogging up the elevators and you never know who your next neighbours will be.

2. What are the building amenities and will you use them?

You pay for the amenities in your monthly maintenance fees.  If you’re never going to use the gym, pool, or party room, you might want to select buildings with fewer amenities and lower maintenance fees.

3. How close are grocery stores, cafes, restaurants, transport, and green spaces?

Driving in the city can be stressful and parking is expensive. It’s often far more convenient to be able to walk to the places you visit frequently.

4.  How long will your commute to work be?

The shorter the commute, the more time you have to spend doing the things you love. Walking is also a nice option.

5. Does the gym have everything I need?

This could result in huge savings if having a gym in the building means you can give up your expensive gym membership.

6. What are the maintenance fees and what do they include?

Not all maintenance fees are equal. Some include all your utilities and even cable. Check out what yours cover to make sure you are comparing apples to apples when looking at different buildings.

7. Does the condo include parking and a locker?

As mentioned, parking is expensive in the city. If you have a car, a parking space is probably high on your list of must-haves. Condos are typically low on storage space so a locker is a great perk too.

8. How often are the elevators out of service?

This will impact your wait time at the elevator and could even mess up your commute. Spend time in the building riding the elevator and ask residents this and other questions.  You’ll be surprised what people will tell you — good and bad!

9. Is there guest parking and a guest suite available?

Visitor parking can be tight, so if you’re anticipating having lots of guests, find out about availability and the associated rules. A guest suite is also nice if you have friends and family who visit often.

10. What’s the health of the reserve funds?

This point may sound boring, but it’s really important. If your building doesn’t have enough money in the reserve fund, you could get charged a special assessment. Avoid this predicament by having your lawyer review your status certificate (which includes this info.) Similarly, finding out if there are any major capital expenditures coming up on the property will offer up information about the health of the funds.

11. What kind of plumbing is in the building?  {Make sure it isn’t Kitec!}

This was plumbing that was very popular in the 90’s. Unfortunately, it hasn’t stood the test of time and has caused floods. Insurance companies hate it and you might have a hard time getting coverage. Many buildings are charging owners to replace it so buyer beware!

12. Is the condo a good home for our dog?

Some condos are much more pet-friendly than others.  Check out our recent blog on picks for pet friendly condos in Etobicoke.

Don’t be afraid of any questions to ask when buying a condo! Arm yourself with all the information you need to make the choice that’s right for you.