Belfield Realty Limited, Brokerage
30 Belfield Court L4J8B7 Thornhill, ON, Canada

As a former condominium auditor turned Real Estate Broker, I have been able to fine tune my resale condo buying checklist for my clients so that their best interests are protected. The gathering of this information has been done by way of my past work engagements, interviewing condo property managers but most importantly by engaging in conversations with the general public. Knowledge is power and the key to building a strong knowledge base in any field is to dive in completel...y, learn from the mistakes of others, surround yourself with mentors AND be persistent. Here is my non-exhaustive list of factors that should be considered before purchasing a resale condominium. Are there any lawsuits issued by or against the condominium corporation? Has next years fiscal budget been prepared and what will be the impact on next years condo fees? Are there any special assessments and what has caused this? Is there infighting or drama amongst the board members which may impact legal fees and/or the financial decision making of the condominium on behalf of the unitowners? Is the reserve fund adequately funded and what are the major projects up and coming? Is the condominium predominantly owner occupied or not? I have six reasons why this question is crucial for condo buying. Are parking spaces owned by unitowners or are they part of exclusive use common elements? Who is responsible for repairing and maintaining these parking spots (ie: oil leaks from a vehicle? Of course I know the answer to this, as a former condominium auditor but just to let you know there are so many issues with respect to parking spaces that it is easy for me to compile my own checklist on this issue alone. From a financial standpoint, is the condominium in good standing? As a former condominium auditor, answering this question comes naturally to me and I am able to provide my clients with an objective point of view of the financial state at a point in time and ask tough questions about what is happening in the next year. The last thing a potential purchaser wants to do is switch from one condo to another only to incur a multitude of closing costs. Remember, do it right the first time with "diflav" in your corner. These are just a few factors that the general public should be knowledgeable of prior to purchasing a resale condominium. Remember, make sure to have someone in your corner that understands condominiums from all angles AND make sure you, your parents, your daughter, a friend or any other family member is better informed prior to making that purchase. Feel free to email me at [email protected] at my office Belfield Realty Limited, Brokerage or please pass along my email address to anyone that you know of that is thinking of buying, selling, renting, investing or assigning a condominium.

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