Protection Royale gives you access to a legal assistance service†. This benefit puts at your disposal a team of lawyers specializing in real estate, providing sound advice and answering any questions related to your legal undertakings. Whether you are dealing with a dispute with your neighbour or have questions on latent defects, this service provides direct access to information about your rights and how to take on appropriate proceedings.
There are two types of condos: divided and undivided.
In a divided condo, the buyer is the sole owner of his apartment. He has the right to sell it or bequeath it as he pleases. However, property in the common areas, such as the land, the hallways, the elevators, etc., are shared with the other condo owners. In rarer cases, the condo can be undivided. This means that buyers have a common mortgage, rights and obligations.
A co-ownership syndicate (Board of Directors) is elected by the co-owners to handle the building's management. To fully enjoy community life in your condo complex, choose a building whose occupants have a similar income and professional status as yours, as well as other common interests. This will ensure greater harmony.
The condo's location is another important factor. Choose a well located unit. An interesting view, a peaceful environment and good lighting, along with the proximity of services and transportation, will enhance your unit's resale value.
The unit's surface area and quality of construction are also key factors. While some luxury buildings are designed with a private or semi-private entrance for each unit, condos do not always offer the privacy of a single-family home. Make sure the condo has adequate soundproofing.
What services are provided within the building? Is there indoor parking, a pool, a sauna, tennis courts, workout facilities? For instance, indoor parking can increase the value of a condo, but access to a pool is of little value if you don't swim. Remember that condo fees cover the maintenance costs of all equipment and services whether you use them or not.
When you sign a promise to purchase for a condo, be sure to make it conditional on the review of the declaration of co-ownership and an inspection. Have this document examined by a lawyer or notary and carefully read all of the condominium's rules and regulations (house pets, parking). Also find out the amount of money kept in the reserve fund, particularly in the case of older buildings. Team Huneault will guide is in your research contact me.
According to a Royal LePage House Price Survey released Tuesday, property prices in the region are up by 4.9 per cent year-over-year in the first quarter of 2017, bringing the aggregate price of a home to $367,702.
The median price of a two-storey home went up by 5.6 per cent year-over-year to $456,158, while the price of a bungalow went up 3.0 per cent to $290,892. Meantime, condo prices went up 4.7 per cent this year over last, to $302,915.