Are you thinking of taking the plunge? Here are all the questions to ask yourself.
Far from suffering the syndrome of the empty nest, you know very well that turning the back room into a gym would not be very useful.
You are determined, you sell the house and move into a condo closer to services. At the very least, that’s what many active retirees, pre-retirees and workers whose children have left home are doing. Is this a good idea for everyone? Questions and advice to make the right decision.
Go smaller to see bigger
The proximity of services and health care are good reasons to move from the house to Canninghill Piers condo. It is also a good way to reduce your costs, to have:
- Lower property taxes,
- Heating and insurance costs better suited to your needs,
- Less cleaning to do,
- Less routine maintenance work to be carried out.
The money saved can be used to reduce your lifestyle to make your savings last, or to go on an adventure more often! After all, condo buildings are safer and your absences are more discreet than a house left empty. Be careful, however: if you plan to travel for long periods of time, consider contacting your insurer.
Know each other well
Do you tend to watch the street through the half-open blind? Are you systematically disturbed by noise from other customers when you stay at the hotel? If so, condo living may not be ideal for you. Remember that you will be the owner of your unit, but also co-owner of the common areas with several people whom you have not chosen. While most co-owners comply with the regulations, some may test their limits.
You yourselves will also have to respect the condominium’s regulations concerning noise, animals and even the coverings of your floors! The secret is to be well informed to choose not only a unit, but the rules that suit you.
Surround yourself well
The real estate broker is a precious resource in the purchase of a condominium. It is indeed a more complex type of purchase than a house. If you want to do the transaction with your own broker, make sure they are present on your first visit. If the seller already has a broker, you can trust them, since they are required to provide all the information to all parties, without favouring the seller or the buyer.
After accepting the promise to purchase, the broker should provide you with:
- the seller’s declaration,
- the declaration of co-ownership,
- the regulations of the co-ownership,
- Recent financial documents and minutes of recent meetings.
It should be put in writing that your promise to purchase is conditional on your complete satisfaction with these documents, in addition to the site inspection.
Think about all the costs
Condominium fees are in addition to your mortgage payments. They are used to cover the costs of routine maintenance and insurance of common places, and at least 5% goes to the contingency fund of the building. The contingency fund will be used in the event of major maintenance work such as the roof, bricks or foundation. You have to be wary of low condo fees and make sure that the contingency fund is well stocked, otherwise you will have to pay extra money if work is necessary.
Also think about the furniture and objects that you will have to get rid of in order to live in a smaller space. Finally, list what is essential for you: public transport, indoor parking, elevator, swimming pool, etc.
It’s time to dream your life, take it!
