Buyers Guide: What To Expect From Condo Living

As we continue to see the changes in the Windsor real estate market trends that have come with the Bank of Canada rate increases, more opportunities are presenting themselves for buyers who are looking for Windsor homes for sale. With the ongoing normalisation of the market, these buyers are viewing a variety of houses for sale in Windsor, including condos. Condominiums present a great opportunity for younger buyers who may not be able to afford a single family home right away to make their first real estate purchase. As we discussed in a previous post about the benefits to condo living, they require minimum upkeep outside, as your fees cover that. While condos are not for everybody, for those searching for Windsor condos for sale, read on to learn a little more about what you can expect if you buy one.

Should you decide to purchase a condo, you’ll receive the Governing Documents of the condominium. These layout he responsibilities and powers of the condo corporation, your rights as well as obligations as an owner, and the rules and regulations outlining what is and is not allowed in the condo. These documents will have both a Declaration as well as a Description.

The declaration establishes the condo corporation’s rules. This can include things such as the percentage of common expenses paid (think fees for insurance, maintenance, etc.) and can even get into when in the year you can rent out or even the maximum number of people allowed to occupy a unit.

The description is the specific set of measures or survey drawings that outline the perimeter boundaries of the condo, what constitutes a “unit”, and what is considered common use areas and elements.

These Governing Documents are very important when buying a condo, make sure you have them before offering, read them, understand them, and know what you are getting yourself into.

Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, LaSalle, and Chatham, no matter where you are, a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!