Is condo living right for you?

Buyers have plenty of choice when it comes to choosing the type of home they will buy. You can purchase new from a builder, or shop around for a resale townhouse, single family home or condominium.

The latter is an excellent option for first-time buyers, young professionals and retirees or those looking to downsize. That’s not to say that all condos are affordable. A spacious unit in a well-appointed building can easily boast a price tag well into the millions with maintenance fees approaching $1,000 per month.

Whatever your price range, there are a few things to consider and research before settling on a condo purchase.

The first factor to consider is those condominium fees.  Possibly one of the great mysteries of homeownership, these fees can turn an outright purchase into what seems like a rental, with monthly payments to factor into your budget for as long as you live at that address. If you have never paid condo fees before and the concept has you running scared, take a few minutes here to understand what they are and what they cover:

• The cost of keeping common spaces (elevators, indoor and outdoor gardens, lobbies and hallways, etc.) clean and in good working order.

• The upkeep of amenities such as fitness rooms, swimming pools, bowling alleys, theatre rooms, spas and party rooms.

• Snow removal, roof repair and insurance.

You’ll also want to think about the building’s amenities. Before you move into a condo, decide whether its in-house bells and whistles are perks you’ll use often enough to warrant the fees you’ll be paying for them each month.

A final consideration is the condo corporation’s status certificate. A status certificate is a prospective condo owner’s first look into the financial health of their potential investment. This comprehensive report gives all the details on the current fees that owners pay, any large fee increases that may be on the horizon and any liens or arrears owed by particular owner(s). Financial statements are also a part of the status certificate and will show the trends in expenditures and receipts of the past, and provide comparisons of a corporation’s actual and expected costs. To get your hands on a condominium’s status certificate, you must submit a written request to the condo board’s management company, plus a $100 fee. They have 10 days, as required by law, to provide the certificate.

Kimmé Myles
Matching her knowledge of Toronto's eclectic mix of downtown neighbourhoods and impassioned by her diverse mix of buyers and sellers, Kimmé is naturally motivated to create a positive and professional experience. Kimmé does her homework and knows her inventory. She is genuine, honest and a straight shooter. Nor is she afraid to think "outside the box" as she employs creative strategies to make dreams become reality. Born and raised in Toronto and coming from a successful fashion background in design and management, Kimmé could not have met a better match for her entrepreneurial skills than by working in Real Estate. Inspired by her father, well known Toronto clothier "Lou Myles", she learned from a very young age to work hard and strive for excellence. In a competitive industry where customer service is paramount, she has received numerous sales awards over a relatively short time in the business. Entrusted with the life choices of her clients, Kimmé is truly honoured to have the opportunity to serve and assist others. Licensed as a full time Sales Representative since 2005 with Royal Lepage Real Estate Services, Ltd., she is proud to be affiliated with the Johnston & Daniel (J&D) Division of Royal Lepage, Toronto's highly respected boutique brokerage and by far Royal Lepage's # 1 producing brokerage across the country.

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