Purchasing a condo involves more than just selecting a floor plan; it requires a deep dive into essential information and thoughtful consideration of key questions. In a recent interview with Karen McDonald, a community manager at Brookfield Residential and a condo buying expert, we uncovered invaluable insights to guide prospective buyers through this significant investment.
One crucial aspect emphasized by McDonald is the importance of obtaining detailed information before committing to a condo purchase. Condominium documentation, typically provided by the seller in a resale or the condo developer in a new build, contains vital details about condo operations, financial documents, and bylaws. McDonald highlights the accessibility of this information online, making it convenient for buyers to review and understand the nuances of their potential investment.
A recurring theme in the discussion is the reserve fund study, a critical analysis of future expenses. McDonald stresses that in a new build, this study must be conducted within two years of condo plan registration and every five years in a resale. The reserve fund study ensures that adequate funds are allocated to cover future expenses, with no strict minimum requirement.
Throughout the conversation, McDonald encourages potential buyers to engage with various professionals, including mortgage brokers, realtors, and condo developers, to gather comprehensive insights before making a decision.
In conclusion, this comprehensive guide equips prospective condo buyers with the knowledge needed to navigate the complexities of condo purchases, ensuring a well-informed and confident decision-making process.