Hey {first_name},

Today I want to talk to you about 10 common misconceptions about owning a

condominium. Don’t buy a condo if you believe any of the following:

1. I have total freedom to renovate and decorate.

Keeping in mind that you don’t actually own the electrical/plumbing/anything on the

other side of the drywall, you may not be permitted to make major alterations. Any

major reno, like tearing down walls or adding a second bathroom, will require board

approval. In terms of décor, they may even have regulations over window covering

colors or what you’re allowed to hang on your front door.

2. My balcony will be my BBQ haven.

Barbecues are usually banned in condos because fire rules don’t allow propane tanks

to be transported in elevators. So unless that balcony has an existing natural gas

line, you likely aren’t going to be doing any bbq-ing.

3. The condo board pays for big expenses - not me.

Actually, you are the condo board. While you may not have an official role on the

board, as an owner, you own a certain percentage of the condo. Part of the fees you

pay go toward a reserve fund to pay for things like a new roof. Thus, the board is

using your money when they spend this reserve. And if there isn’t enough money in

the fund to pay for repairs, they’ll either increase the condo maintenance fees or

charge you a lump sum payment.

4. I don’t need insurance – my condo fees cover it.

True, but the insurance included in your fees covers only the building itself. You still

need to buy content insurance for all of your personal belongings ie. your fridge,

your stove, and the like.

5. My 80 lb German Shepard will be living with me in my condo

Practically every condo has rules restricting pets – from number and

kinds of animals, to size. Most commonly, we see a two-pet maximum and a size

restriction for dogs (often 25 pounds). If you don’t want to give up your pets, let me

know about them before you buy.

6. I’d rather own a house because condo fees are too expensive.

Owning a condo is almost always cheaper than owning a house. House owners have

higher utility bills and insurance payments. They need to pay for water, garbage and

sewers, and should budget 3-5% in annual maintenance and repair costs.

7. Condo board meetings are irrelevant to me.

False! Sure, condo living means being at the mercy of the other owners and the

condo board. But as an owner, you do get a vote at the meetings – make it count if

you don’t agree with rules they may pass. Just be prepared if they may not clean the

windows as often as you’d like, or they increase fees to pay for facilities you don’t

use. Regardless, there’s a ton of relevant information that impacts your day to day

life….so stay active.

8. All condo fees are created equal.

Inclusions in maintenance fees vary. Some condos include all utilities, while others

include only hydro. Some include cable TV, and some have separate fees for parking

and lockers. Moreover, while most buildings charge owners based on the size of their

unit, older buildings usually have the same fees regardless – a bonus for bigger units

and an unfortunate reality for smaller ones.

9. If I have a problem in my building, I should post it on social media.

It’s tempting to air out your concerns on social media. But your post about the

broken elevators or noise on the street might impact the value of your condo down

the road - and hurt you when it comes time to sell.

10. I have an unobstructed view.

Views change all the time. So unless your condo has air rights,

don’t get too attached to your view. That park across the street may become another

building sooner than you think.

Is condo living for you? As always, I’d be happy to chat about the pros/cons of buying a

condominium.

Cheers,

{email_signature}

PS – Have you considered buying a home with an in-law suite or basement apartment? Do

you want to make rental income but worried the unit may not have the required permits?

Up next, I’ll weigh out the risks and rewards of purchasing a secondary suite and how

buying an illegal apartment impacts you.

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