As the Saugeen Shores community continues to grow, condos have become a more affordable option for money-savvy Buyers and those Buyers who don’t want to look after lawns and snow removal. Condo purchases are a little more complicated than buying a freehold home. What is a condominium, called condo for short? A condo is a privately owned individual unit within a building of other units, where owners jointly share common areas, such as garages, elevators, hallways, gyms etc. All condo’s will have a maintenance or condo fee in addition and separate from your mortgage. This definition of a condo is very basic and there is way more information you’ll need in order to help you decide on your purchase. That’s where your Saugeen Team Realtor® can help! We’ve put together a list of the top 5 questions you should ask your Saugeen Team Realtor® while looking for condos:
- How much are the Condo Fees and what do they include? Depending on the type of condo developments (apartment, townhome, lot line), you will want to know what your condo fees are going towards. Snow removal, lawn maintenance, insurance, utilities etc may or may not be covered.
- Are there rental restrictions in this development? Some condos have restricted owner’s ability to rent their units out either long term or short term.
- If you think you may want to rent your unit out now or later, ask about restrictions.Do the condo rules and regulations allow for pets and if so, what size pets are allowed?
- What amenities does this property have? If your top priority is to have a condo building with a gym or a rooftop patio or the ability to BBQ, this will be an important question to ask.
- Can I renovate my unit? The condo rules and regulations your Realtor® will provide, will give a guideline as to what types of renos you can and can’t do and how to get approvals.