Questions You Should Ask Before Purchasing Condo

If buying a condo is on your to-do list, you’ve got to be prepared to ask some important questions before signing anything on the dotted line. Here are a few of the most important questions you need answered while shopping for the perfect condo.

1. How Much Storage Space Is Available

When you’re visiting condos don’t forget to ask about the storage space that comes with it. Some condo units provide residents with their own storage space either free of charge or at a small cost. If you have bikes, luggage or large sporting equipment to store, you’ll want to make sure that there is room available for it.

 

2. What Are the Crime Statistics in the Area?

Find out how safe the area is by doing your homework and checking online. You can visit the Toronto Police official website to map your area and to find out current and past criminal history trends. This way, you can make an informed decision about the neighbourhood based on its safety record.

 

3. Insurance Coverage

To err on the side of caution, find out what is covered in the condo’s insurance policy. Will you be covered if the roof leaks and there is some damage to your apartment? What happens if a fire starts in the common area and spreads to your unit? Learn more about insurance coverage and know exactly where you stand before committing to a purchase.

 

4. What Do the Condo Fees Cover?

While you’ll definitely remember to ask how much the condo fees are, you’ll want to know ahead of time what they cover as well. You should also ask about the breakdown of the fees, for example how much of the fees are put aside to cover general condo repairs?

 

5. What Are the Condominium Regulations?

Ask for a complete list of the rules and regulations for the condo because in some cases there may be rules that you just really don’t want to live with. You’ll want to find out what the pet policy is, whether you can sublet your unit and find out more about visitor parking. Are there any parking spaces available for overnight guests?

 

These are some important questions that you should be asking before buying a Mississauga condo. The more thought you put into the buying process, the better!
You can learn more about condos in Mississauga and Toronto and see a categorized view of the new developments in the GTA by visiting our site at condoroyalty.com and book a tour today!