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Top Buyer Questions
Good morning, Marilyn. It’s so hard to believe that this is the last official Saturday of the summer! It’s been such a privilege to share ideas and advice for homeowners to help them prepare for the busy fall selling season.
Today we switch our attention to answering buyer questions. Not surprisingly, a lot of listener questions about buying a condo were submitted, especially about rules and regulations and maintenance fees. So let’s jump right in…
- Maryanne asked a great question that I bet a lot of listeners are wondering about: “Am I allowed to bring my dog, Bootsy, with me to a condo?” The short answer, Maryanne, is “Probably.” Most condos allow dogs, but with some restrictions. Is Bootsy a 100 lb Mastiff or a 12 lb poodle? This can make a difference. Some buildings only allow dogs under a certain weight to ensure the safety and comfort of other residents with whom you share common spaces like the lobby, hallways and elevators.
Condo boards can determine the restriction of size and also the number of pets, usually no more than two.
A quick call to property management can confirm the pet policy of any condo building you might be interested in, Maryanne.
Other rules and regulations that can affect your enjoyment of your new condo home may include whether gas barbeques are allowed on the balcony, what restrictions, if any, are on smoking tobacco (or cannabis!), and policies about guests and guests parking.
Like I said, all can be discovered ahead of time by your realtor.
- The second question was asked by John from Newmarket. He asked, “Can condo boards arbitrarily raise monthly maintenance fees?” The politician’s answer, John, is yes and no.
While most boards do have the authority to raise monthly maintenance fees, they cannot do so arbitrarily. The board is controlled both by its own model of governance and by provincial laws.
The key factors determining condo fee increases include: budgetary needs, capital improvement projects and adding to the reserve fund.
It’s important to remember that boards are required to give notice to owners, hold meetings and operate in transparency about all fiscal matters. And, most board members are also residents who don’t want to raise fees unless absolutely necessary.
Buying a condo, whether apartment, townhouse or bungalow, requires extra due diligence that is performed prior to any purchase. The convenience, security and affordability of condos make them a popular choice for downsizers.
For more information about condos, why not request your copy of my guidebook, “Condo Considerations,” available in both digital and print versions. Call me at 416-460-5636 or visit my website smartrealtysolution.com to submit your request.
- The next question was submitted by Cathy and Steve, who ask, “We’re thinking of moving to a new small town. How can we narrow down our choice of where to go next?”
My number one piece of advice is to spend time there. Book yourself into an AirBnB and spend a few days poking around. Figure out where you’d shop, find the local senior’s centre, visit the parks and natural amenities that suit your lifestyle. There is no substitute for spending time in a new place to help you orient yourself, start to develop some familiarity, and help you rule in or rule out a new town.
Other considerations are the availability of health care, hospitals and family doctors and such. What about infrastructure like transit? These can have a big impact on your future wellbeing.
Downsizing out of town is only one of the many property options available to empty nesters. For a fuller discussion of the possibilities, you can ask for your copy of “Downsizing Done Right,” an intro guide to the rewards and challenges of making your next SMART move.
Like everything at SMART Realty Solutions, our guidebooks and advice is always free of cost and obligation. You are only a phone call away from the answers you need. My number is 416-460-5636. Or drop by my website smartrealtysolution.com for more information.
These have been your SMART Realty Solutions, and back to you, Marilyn.
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