Buy a Condo
Want to buy a condo in Saskatoon? If so, you need a condominium buyers’ guide that helps you find and obtain the best condominiums for sale in the Saskatoon area.
Fortunately, there are many types of condo units available in today’s market ranging from basic to luxurious. The condominium buyers’ guide can help you select from the great variety of condominiums for sale in the Saskatoon area.
Here is a summarized condominium buyers’ guide for when you go to buy a condo.
Why You Might Want to Buy a Condo
The differences between condominiums for sale and homes for sale could inspire you to buy a condo.
Condo living is a popular option for those no longer interested in maintaining a yard or the exterior of a home and some condo styles are a good solution for limited budgets. For example, a newer apartment condo with modern conveniences can run in the same price range as a much older home in need of repair.
Unique Characteristics about Condominiums for Sale
Some townhouse-type condominiums for sale offer a yard and include individual furnaces and water heaters - not the case with the majority of apartment style units, which have a central heating system and common green space.
Often condos are managed by a professional company in conjunction with an elected board composed of unit owners. In some cased the board runs the corporation without the aid of a hired company. All owners have the option to serve on the board, but it is not a requirement of ownership.
The process of condo managing includes enforcing bylaws and regulations, creating a budget to cover annual costs associated with the building and ground, i.e. insurance, heating costs (if the building is heated by a central heating system), lawn care, snow removal, cleaning of lobby and hallways, replacement or repair of roof coverings, and other issues.
Condo fees also support a “reserve fund” which assures available funds are in place for future maintenance to major items. For example, a new roof covering could be needed in 5 years and cost $60,000 to replace.
Because maintaining the building and grounds, assures that the property does not lose value due to neglect, condo corporations are required by law, to have regular reserve fund studies conducted by a specialized engineering firm. This ensures funds are reserved and available when needed. To buy a condo without reviewing the study is not advised.
In Saskatchewan, a condo purchase requires that the buyer receive a standard collection of documents and reports. This collection includes documents such as the most recent reserve fund study report, proof of insurance coverage, financial statements, operating budget, reserve fund balance, list of bylaws and more. The buyer is then given time to read and approve the details, and if not satisfied, may decline the purchase without loss of deposit.
Your Personal Condominium Buyers’ Guide!
Mercina is a REALTOR® extremely experienced in every aspect of condo living and buying. She is able to guide you through the condominiums for sale process, save you a great deal of time and make the buying process seamless. Think of it as going to buy a condo, with an actual walking, talking condominium buyers’ guide at your side!
Don’t delay – work with a proven professional when you go to buy a condo. Contact Mercina today, and buy a condo with confidence!