When it comes time to buy a home, Regina condo’s for sale can be great option’s if they fit the buyer’s lifestyle. More and more people are opting for condo living as opposed to renting or owning large homes which require more maintenance. It’s important to do your research and understand the difference between a freehold home and a condominium before you make your purchase.
There are many types of Regina condos for sale but they all have one thing in common: shared ownership of at least one common element or amenity.
Condo Fees:
When you buy a condo, you will be required to pay a monthly condo fee. This fee covers a portion of your insurance, exterior building maintenance and your contribution to that shared element or amenity. Due to the nature of a condo, there is usually a property management company that is paid (using the funds from condo fees) to manage many different parts of the condo complex or land. Condo fees vary drastically from condo to condo. Generally, the older the condo complex the higher the fee’s will be.
You should note that there are also no stipulations to how much or how often condo fees can be increased.
Before you agree to purchase a condo it’s very important to check how much money is in the reserve fund. If there are no funds in the reserve fund, there is no money to pay for any ongoing exterior maintenance and the owners could be responsible for hefty maintenance bills.
Condo Restrictions:
All Regina condos for sale have their own set of bylaws which govern the entire use of the condo complex and its residents. Some condo corporation bylaws can be incredibly restrictive while others are very minimal. A person who owns a freehold property can do anything they want with the house and it’s land, within the limits of the city bylaws. However, condo owners are sometimes limited in changes they are allowed to make to their property. This can range from simple restrictions on renovations that affect the home’s exterior, to limitations on exterior decorations and even decorations that can be seen from the front windows, depending on how strict the rules are for an individual condo. These rules are set out by the condo association that oversees the condo and are heavily dependent on the individual condo complex.
Pet’s are a large issue and concern for many condo corporations and owners. Condo association have the right to enforce any rule’s that are clearly stated within the bylaws. If the bylaws state that you can only have 1 dog, you can only have one dog. Condo associations often require (stated within the bylaws) the owners to submit applications for pets and have the right to approve or disapprove any animal. If you are in breach of any bylaws, the condo association has the right to lawfully enforce them. When looking at Regina condos for sale online, you should be able to see within the listing information if pets are allowed or restricted.
Perks of Buying a Condo:
Amenities - some condo’s offer exclusive access to exciting amenities such as indoor or outdoor pools, fitness rooms and large recreation rooms.
Insurance - your condo fees will cover a portion of your exterior building insurance. This will significantly reduce your monthly insurance costs because all you will have to cover will be your internal contents. Any vandalism, theft or weather damage will be taken care of by the condo association.
Restrictions can be good - Depending on what type of condo you look for, restrictions within the bylaws can keep a condo complex looking cohesive and can protect the rights and safety of all condo owners.
Major Maintenance - Some condo fees automatically include the repair of large maintenance items such as shingles, siding or windows. Not having to pay for the cost of these improvements is a huge perk for many condo owners.
Day to Day Maintenance - Most condo association’s, but not all, pay for ongoing exterior maintenance such as snow removal, mowing the lawn or landscaping needs, cleaning gutters and cleaning parking stalls.
Before You Decide to Buy:
As part of your Offer to Purchase, your real estate agent will include a condition relating to reviewing and approving the Estopell Certificate of the condo association. This will allow your lawyer time to thoroughly examine the condition of the condo association. Make sure you thoroughly read through all of the points below and are satisfied with the information:
- The financial status of the condo, including the reserve fund. Some condos are managed better than others. You want to ensure that the association has money in the bank to pay for repairs and incidentals because if they don’t, your condo fees could increase.
- The history of the condo fees. When was the last time they increased and how often?
- What exactly do your condo fees cover? Have your lawyer review with you what the condo fees cover and what they do not. Do not make assumptions, they will be clearly outlined.
- Restrictions and condo bylaws. Very important to understand what you can and cannot do within a condo.
Regina condos for sale come with advantages and disadvantages, just as owning a single-family home does. The important thing is to do careful research and decide which option best fits your needs and lifestyle. When researching condos, be sure to look around at multiple locations, as the rules, fees, facilities and size of condos can vary greatly from one area to another. And don’t forget, a capable real estate agent will be there to guide you through every step of the process.
Contact Me
If you have other questions about buying or owning a condo, don’t hesitate to give me a call at 306-552-7047 or fill out my online contact form!
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.