You've decided to buy a condo. This type of acquisition is an efficient way to buy a home. For most of you, housing is not just an investment, it is also a source of well-being, self-projection and life organization. In co-ownership, it promotes the quality of living together in neighbourly relations. Becoming a co-owner in a co-ownershipis not limited to choosing an apartment. There are other criteria to consider before taking this step. It is necessary to understand the legal basis of this type of collective ownership and to carry out the necessary checks beforehand. These allow the buyer to make an informed commitment and to avoid any unpleasant surprises after the signing of the deed of sale.
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.
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