Condominiums have become much more
attractive to home buyers over the past
few years. But buying a condo is a much
more involved process than buying a
single family home. First, there are a
number of different types of condos on
the market and you really need to know
the differences between them. Just like
the single family market, location
within the community and indeed within
the complex can affect the salability
of the various units in the complex.
As can floor plan, restrictive
covenants, reserve fund, parking and the
bylaws and rules of the corporation that
govern their use and enjoyment. Also,
when you purchase a condo, you are
really buying a proportionate share of
the condominium corporation so the
financial health and management of that
corporation is all important. In recent
years the capital reserve fund
requirements for condominium
corporations in Alberta have been
modified.
The capital reserve fund is in place to
insure there are sufficient monies
available to cover standard maintenance
of the condominium corporations assets
such as paved parking, roofing etc.
Condominium living is a lifestyle
decision as much as it is a financial
decision. While it can be extremely
rewarding, for the un-informed buyer it
can be a frustrating and expensive
experience.
These documents will help you better
understand the nature and the
responsibilities of condominium
ownership.
Available for download:
