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What are client’s common concerns when buying a condominium in Winnipeg.
From time to time, we are asked to review condominium documentation with clients during their one week cooling off period. Usually, they have an idea already that they quite like the condominium they are buying, and they have had the benefit of a realtor to look at the documents with them, which really helps. We may have similar experience with the client that you do in this area but when we discuss it with buyers, and while the questions are varied, they often can be broken down perhaps into a few common themes.
First people are always very interested in the common elements’ expenses and the reserve contribution they pay each month. Usually, this amount is in the range of around $300.00 to $500.00 per month, but of course there can be variations on this depending on what the history of the building is. Older buildings can be more expensive in terms of upkeep, but not always.
People always want to ensure they have a good understanding of parking, smoking, pets and whether there are any big projects (perhaps as “special assessments”) coming along in the reserve fund that are of interest. Of course, an upcoming big project might have a cost, but it also enhances the value of the building, and it is preferable to having something being put off.
Lately the idea of renting condominiums out to a tenant is of interest, sometimes short-term rentals on apps or websites need to be investigated. There is generally a cost for renting places out and some condominiums prohibit certain types of rentals while allowing others. Fortunately, the way the documents are structured, the information can be picked out very quickly and clearly.
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**as always, every situation is different and laws can change if you have doubts, call us
GORD STEEVES
B.A., LL.B.
Barrister, Solicitor and Notary Public
200‑600 St. Anne’s Road
WINNIPEG, MB., R2M 2S2
Direct Tel: 431.478.1280
Tel: 204.254.3511
Fax: 204.257.5139
Email: gord@avdkslaw.ca
Web: www.avslaw.ca