It is always exciting to look for your own condominium, the place that soon you will call home. Once you know how much mortgage you can afford, which area you want to live and what type of condominium you are interested in, you are all set for your search.
There is a big difference between buying a new condo and previously owned, or resale unit.
You need to know the pros and cons of buying a resale unit before you make any further decision.
The main advantage of buying a resale condominium is that you actually see what you are buying.
You can understand how much space you are getting, whether you like or don’t like the layout, and how much light comes into the unit.
You also can see how well the building and the amenities are maintained by corporation. If you wish you can even talk to the neighbours and get an idea whether the community and neighborhood will be the right place for you.
Another plus of buying a resale condominium is that you can find larger units than the ones that are currently being built. Older condo buildings can boast quite spacious units with great and functional layouts.
When you buy a resale condominium, there is no GST/HST on top of other expenses and the deposits are much lower compared to buying a new unit.
However, you also need to be aware of some downfalls when buying a previously owned condominium. First of all, some major repairs may be happening in the building and the unit owners will be required to pay from their own pocket if the corporation reserved fund is not sufficient enough.
It is crucial that you and your lawyer thoroughly review the status certificate of the corporation.
It is a legal document that includes the declaration, bylaws and all the information about property management, insurance, reserved funds and any outstanding works that need to be done. Examining the status certificate will protect you from making a big mistake.
Another con of buying a resale condo is that older units require more maintenance and repairs. In older buildings, the maintenance is much higher than in new ones, especially if you are buying a larger unit. Typically, the maintenance fees increase every year and you need to be ready for managing your extra expenses.
If you are currently renting and thinking of purchasing a resale condo, feel free to contact Nikolay Klyushkin directly at 647-833-3287 and I will gladly help you save time and give you advice what to include in the purchase offer to protect your interests.