If you are a first-time condo owner, you may have a lot of questions. After all, owning a condo is quite different from owning a single or multi family house, whether you’ve recently purchased one of the many beautiful Montreal condos available or you’re in a suburb. So continue reading for some practical advice for first-time condo owners that will help put your mind at ease.
Like other homeowners, it’s a good idea to have a home inspector take a look around your condo for any potential problems that need to be repaired. This is especially important if you have recently purchased a unit in an older building.
The home inspector should read over your building’s Engineer’s Report, which will describe the life expectancy of major systems, as well as the roof. This will also give you a better idea of if and when you will need to make costly repairs and replacements.
Hire an Attorney to Review Your Documents
When you purchase a condo, you will receive a lot of documents. To make sure that everything is correct, you should have an experienced attorney review it all for you. This is imperative if you are purchasing a condo that is located in an older building where problems might be hiding.
These documents should also address insurance issues. It is important to note that a lot of buildings will give you an umbrella insurance policy, but you still need to be aware of what this policy will cover and what you will be responsible for, as you may need to purchase supplemental insurance.
Get to Know the Neighbours
You should get to know the neighbours around you if you are going to be living in a condo. These are people who can become great friends, or they can simply remain good acquaintances that can help you out when you need them and that can help keep an eye out for suspicious activity. Knowing who your neighbours are can also help you avoid problems and conflicts because you can develop a rapport with them so you can do things like politely ask them to turn down the music if it is too loud.
Figure Out the Unwritten Rules
When it comes to living in a large building with a lot of condo units, you should also expect that there will be some unwritten rules that you will need to deal with. These could range from when you can do the laundry, to where you can place a window air conditioner. Ask these questions of the building owner and your neighbours before you have to deal with any frustrations that are caused by making a mistake from not knowing these rules.
Purchasing a condo is definitely exciting, but there are certain challenges that you may run into. By understanding what you should expect as a first-time condo owner, though, you can avoid these problems and make the most of your new life as a homeowner.