Guide to Buying a Condominium

Everything you need to know for a successful real estate investment. This enriched content provides a comprehensive and detailed perspective for prospective condominium buyers, helping them make informed decisions.

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1 | Exploring Types of Condominiums

In divided co-ownership, you own your apartment and a share of the common areas (stairs, garden). In undivided co-ownership, all owners hold a share of the entire building. The difference is crucial in terms of management, responsibilities, and financing.

2 | Deciphering Condo Fees

These monthly fees cover common expenses such as maintenance, insurance, and sometimes utilities. They vary depending on the size of the building, services offered (pool, concierge), and the contingency fund.

3 | Contingency Fund: Key to Peace of Mind

This fund is used for major repairs and long-term maintenance. A well-funded reserve is essential to avoid unexpected special assessments. It’s important to assess the fund's status before purchasing.

4 | Scrutinizing the Declaration of Co-ownership

This document governs co-ownership life. It includes rules on fee distribution, rights and duties of co-owners, and potential restrictions. Understanding this document before committing is crucial.

6 | Know Your Neighbors for Harmonious Living

Quality of life in co-ownership greatly depends on good neighborly relations. Find out about the general atmosphere, conflict management, and co-owner participation in decisions.

For more details, visit Condo Légal

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Julie Gauthier

Chartered Real Estate Broker

Julie Gauthier inc.

Phone: C. (514) 895-4921
O. (450) 472-7220

Address: 479 boul. Arthur-Sauvé
Saint-Eustache, Quebec, J7P 2B3

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E-mail: julie.gauthier@remax-quebec.com

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