|Condo ConfusionSilverman Helps you wade through the waters of buying a resale condo.
In the market for a resale condominium? As with anything, there are some things to consider first. For example, other occupants. "The biggest concern I have is the other occupants in the building," said real estate agent, Omer Quenneville. "I wouldn't want to buy in a building that has lots of rental units in it but is owner-occupied because they tend to be better managed and better run."
The biggest advantage to a resale condo is being able to see the actual physical space. No need to try to envision what it could be. However, before signing any deal to buy a resale space, make sure to read the rules and regulations of the condominium corporation to avoid any nasty surprises. There could be unusual rules about pets, which often get people upset. Make sure to look at the reserve fund, money set aside for a rainy day. But, the most important thing is to hire a lawyer who knows his way around condominiums.