Chapter 20
Ten Tips for Condo Buyers
IN THIS CHAPTER
Getting to know your board of directors
Reading condominium certificates and strata plans
Sharing the burden of management fees and levies
Considering lifestyle factors
Condominium comes from two Latin words: con, which means “with,” and dominium, which means “ownership.” And when you think about it, the name really fits what you’re about to invest in. A condominium gives you all the privileges that come with owning your own home, while allowing you to share many of the responsibilities of ownership with others.
But before you sign your purchase offer with starry-eyed notions of moving into a ready-made community, think of this: If you make an ill-informed decision, a condominium can make you suffer the very worst of both worlds. You can get locked into owning a cramped, restrictive unit in a building with irresponsible owners you can’t stand. (As the philosopher and writer Jean-Paul Sartre famously wrote, “Hell is other people.”)
Because we want you to have the best of both worlds just as much as you do, here are some tips that ...
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