New condo building in the Durham Region Ontario

One of the great things about Durham Region real estate is that you have so many types of properties to choose from. Condos are particularly popular in this area because they can be very affordable compared to single-family homes and similar properties in Toronto.

With so many condominiums to choose from in Pickering, Oshawa, and other Durham Region communities, it can be difficult to know which one is the best investment for you. Before jumping into a sale, these are some questions to ask when buying a condo.

What is the Condition of the Condo?

First and foremost you want to make sure that the condo you potentially purchase is in good condition and worth the asking price. Is the unit brand new or older? If it’s older, has the current owner made any upgrades or remodelled? How well does the condo board maintain the property? A home inspection can help you determine if there are any underlying issues with the condo.

What Amenities Will I Have Access To?

A major benefit to living in a condominium as opposed to a single-family house is that you will most likely have access to a number of amenities. Some important features to ask about include parking for yourself and your guests and storage space. Bonus amenities could include a fitness centre, swimming pool, or rooftop patio.

How Much are the Condo Fees?

If you decide to buy a condo in the Durham Region, keep in mind that you will have to pay condo fees to a homeowners association or condo board. Find out how much those fees are and what exactly they cover. You’ll also want to look into the association and make sure they have reserves for emergencies and no outstanding debts.

What is the Condo Board and Management Team Like?

The majority of condo buildings are managed by a condo board, so it helps to know who you will be dealing with before committing to buying a unit. Do your due diligence to find out if there have been any controversies or lawsuits. How do the other owners in the building feel about the building management and the way the board deals with issues and complaints?

Does the Condo Board Have Any Restrictions in Place?

Some HOAs and condo boards set restrictions in place to promote safety and harmony amongst condo owners. These could include anything from limitations on large gatherings to owning pets and changing the colour of your door. Some condo boards also do not allow condo owners to rent their condos to tenants. Make sure you are clear on all the building rules before purchasing a condo.

What Does My Condo Insurance Cover?

Condo corporations in Ontario are required to have insurance that cover liabilities and property. This usually covers the main building and common areas, but it might not cover everything within your condo. For example, some policies do not cover damage or loss of personal belongings or your appliances. In this case, you may need to purchase extra insurance to cover your bases.

What is the Potential Resale Value of the Condo?

It may seem strange to be thinking about selling a condo before you even buy it, but it never hurts to think ahead. Of course you can’t accurately predict what the value of your condo will be when you decide to sell it,  but there are a few things that can give an indication. These include demand in the neighbourhood, past sales, and how well the building is being maintained.

Are you interested in learning more about buying or selling a condo in the Durham Region? Contact us online or call 905-668-1511 to speak to one of our local real estate experts today!


Taylor Scanlon Durham Region Realtor

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