What you need to know before buying a condo
Some Burnaby condos are once in a lifetime deals. You must act fast or you will lose the chance. But there are a few points that you should look out for if you don’t want your experience to turn into a nightmare.
A condo is a part of a community. If you have a lovely condo that lies in an ill managed community, you will face a lot of unnecessary problems and costs. In this article we will highlight the main problems that you should be aware of before moving into a certain community:
The community budget:
As a potential buyer, you are not entitled to have a copy of the budget but the seller can ask for it and provide you with the requested information. The budget will show you the number of owners who are not paying their dues regularly.
Delinquent owners, do they matter?
Of course! If you are trying to buy a condo in a building with many delinquent owners, your mortgage is probably going to be declined. Moreover, the percentage of delinquent owners affects the overall budget of the community. For example if your building has 100 units and 2 condo owners fail to pay their dues on time, the budget of the association will hardly be affected. But if your building has 10 units and there are 2 delinquent owners, then 20% of the association’s budget is missing. This means that the association will have to cut on maintenance fees or amenities, or even ask other owners for extra fees.
The older the building and the less cash reserves the association has, the higher the chances that the owners will be hit with an assessment fees to cover up the shortage in money. Some associations ignore the importance of having an adequate amount of cash reserves that can be used to face any emergency. This means that in addition to your set annual fees, you might be asked to pay an amount of money at any given time.
The insurance coverage:
You need to check the community’s insurance coverage. Some associations will reduce the insurance coverage to cut down on costs. You must stay away from these. Ask for a copy of the insurance coverage and take it to your agent for examination. They will tell you if it offers enough coverage.
With these few heads up, you will easily find the condo you have always looked for. Check out some of the amazing Burnaby condos and live the dream.