You have taken the decision to purchase an apartment in a co-ownership. It is often an excellent investment and an easy way to have access to home ownership. In many instances, it will be the investment of a lifetime.
This purchase will involve you, from day one, in the community of co-owners for years to come. Be aware: this decision should not be taken lightly to ensure that your purchase will not become a nightmare.
Knowing what you are buying
Those who believe that they are born to be a co-owner should realize that the purchase of a condo should not be an impulsive purchase following the “love at first sight” syndrome. Putting aside objective facts and rational information can lead to a rude awakening. To ensure that you do not become dissatisfied with your purchase, you should take the necessary precautions beforehand. Buying a property is one thing, knowing what you are buying is another.
Many things should be evaluated before making a commitment. For example, you should inquire on the behaviour of the neighbours, the state of repairs and of maintenance of the building and obtain the relevant financial information on the co-ownership. Is it financially sound? Is the contingency fund sufficient? Are the condo fees realistic?
Before choosing condo life, you must take into account that it is not for everybody. To better understand the issues, please read the following fact sheets, they will help you to evaluate your needs.
|Back to the factsheets|