Things you Need to Know When Buying a Condo in K-W

By Warren McNeil

Do you have your New Years resolution yet? Let me guess, you need to lose weight, exercise and save money. Maybe your New Years resolution is to buy a condo or loft in Kitchener-Waterloo. If this is the case, then there are some things you need to know before you plop down the cash. Some people overlook these things so I will summarize what you should look for. That way you will know what to expect when you buy a condo or loft.

Check out this little video I created regarding buying condos and lofts.

*Video:tips for buying a condo or loft in kitchener-waterloo and cambridge

Having an understanding of condos or lofts is important so you can make sense of their differences from freehold housing.

All non-freehold condo or lofts have common elements. Common elements are owned by everyone and include the lobby, elevator, swimming pools, exercise room, hallways etc. Common elements are anything outside of your unit.

It’s very important to understand how parking works. Do you get one spot? Can your rent another spot. Is parking underground? How much visitor parking?

Condos or lofts are also subject to a monthly condo fee. This fee covers maintenance of the building and ground and the common elements. The condo fees in Kitchener-Waterloo or Cambridge can range in prices from $150-600 per month. The higher fees usually cover others things such as fitness facility and swimming pool maintance costs.

If you have pets, you need to make sure that the condominium corporation will allow them. I know that the Kaufman lofts, LeMarche are a couple of buildings that allow pets. Size restrictions may apply. Realtors will be able to find out which condos are pet friendly.

Condos and lofts are subject to strict rules and regulations that prevent you from making changes to any of the common areas. You need to get permission if you want to make a change such as build a fence, changing doors & windows, paint garage doors etc. Read through the rules and regulations to find out what you can and can’t do. You can request the rules and regulations from the property management company.

Lastly. it is important to have your lawyer review the status certificate so that you know that the finances for the condo corporation are in good standing.

I hope you found this information helpful. As you can see there is a little more that you need ot know about condos or lofts when compared to a freehold housing.

What do you think your biggest concern is when buying a condo or loft in Kitchener-Waterloo or Cambrige (High condo  fees, pet friendly, parking) ?  Let me know.

Thanks for reading!

We are a full-time real estate team in Kitchener Waterloo area. We enjoy assisting buyers and sellers with the purchase or sale of condos or lofts in the Kitchener-Waterloo or Cambridge areas. If you would like us to help you with your condo or loft search, please check out our brand-new free search website.

Warren & Melanie McNeil | Sales Representatives, Team McNeil
Re/Max Twin City Realty, Brokerage
( 519.579.4110 
8 www.TeamMcneil.com, www.LoftStyle.ca, www.ClickThatHouse.com 
 
P.S. Looking for a condo or loft, check out our brand new website at www.LoftStyle.ca!

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