5 questions to ask before buying a condo

Are you in the market for a condo? Before you make an offer on a property, be sure to get answers to these crucial questions from either your real estate agent, ow¬ners in the building, or the condominium association.

1. What are the main complaints?
Ask to look over the minutes from recent board meetings to find out what issues have been raised and whether they were resolved. Additionally, consider speaking with residents in the building to find out how complaints have been handled in the past.

2. What storage space is available?
In addition to closet space within the unit, find out if each owner has access to a locker in the basement or an outdoor shed. This is a particularly important question to ask if you have bikes, skis, or other large equipment that you don’t want to keep inside.

3. What does the insurance cover?
Be sure to get a copy of the building’s condo corporation insurance policy so you know what’s included. This will help you determine whether you need additional insurance for your unit and what type.

4. What are the rules of the building?
Every condo has its own set of regulations that re¬sidents must respect. This may include rules about owning a pet, planting a flower garden, or renting out your unit. Make sure these rules don’t clash with your needs and lifestyle.

5. What do condo fees get spent on?
In addition to knowing the amount you’ll have to pay every month, it’s important to know what the money collected is spent on. This will give you an idea of how well the common areas of the building are maintained and whether the board has an emergency fund.

Remember, your real estate agent can help you navigate this process, so don’t hesitate to reach out.