Thinking Condo, Think Well

The ads for new condos in towers are tempting. There they are, in their glory; white and grey and silver and black, dream places, Hollywood cool. Gorgeous finishes, tons of marble and stone, stretches of hardwood, windows as walls, gyms, viewing rooms, entertainment centres, bowling alleys, on and on. A life of luxury and a carefree existence. Something you, as a homeowner, have always dreamed of. Someone else to do the maintenance, mow the lawn, worry about the age of the roof, the plumber, the electrician; you're finished with all that. Off to the shining new tower. You see yourself joining the in-crowd, hieing off South for winters and North for the summer. In between, nothing but social life, restaurants, shows and lolling on your little balcony with something cool in your hand. Ah, what a great retirement life! Sorry, but there's more. And while these items are the perks, there are some realities that need to be considered. There is the Condo Act, individual condo bylaws and rules. You no longer are the authority figure of your "home". You possess something jointly with each and every other condo owner and as such, you abide by the majority influence. This is a matter of condo politics. Read the rules and bylaws your realtor gives you before signing the bottom line. And if you are buying before the place is built, scan the fine print at the bottom that says any changes are possible without your express warning. In fact, I would warn, beware of buying before you actually step onto the floors. What is promised in the glossies is not necessarily what you might end up with. I've lived in six condos and each one is similar and yet different according to the rules and bylaws. These are not flippant things. You can be fined, and heavily, if you do not comply. For example, if you have a pet, be sure to know if they are permitted: how many, what size, what variety. If you smoke, even rarely and what. Some complexes do not allow it anywhere on the property. Garbage may seem minor, but it isn't. For example, where I am living now, I have to have four different disposal bins. These things change wherever you plan to live. Garbage is no joke. The condo, you, can be fined if you mess it up. The right garb in the right place rules. It's all fodder for a future if you think of it. If you are buying an older condo check to see if there is going to be an upcoming levy for repairs and replacements or to build the contingency fund. The one I am in now, the one I just bought, has fewer owners and is going to levy a four-figure number very soon. Like your former house, the one you sold for big bucks, there are the same maintenance issues and they are not cheap because your new "house" is bigger and holds a lot more people. The bottom line is, that your now-government will be an elected council of volunteer owners who work hard and take a lot of flack. Even if you buy a management plan, your elected council is like any government body, you must, therefore, abide by the majority rule. You become, as my council treasurer so wisely put it, a member of a family of owners and as such you have the "family" responsibility of looking after your building, be it large or small.