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Tips 1
Tips before Making a Condo Purchase
Tip 1 - Understand the Bylaws
Before you sign for a unit, read all the bylaws currently still in effect. Don't rely on the strata or the current owner to provide you with what they think are the bylaws. Only by having your lawyer or agent review the registered bylaws in Land Titles can you be sure.
Tip 2 - Make Sure You Understand the Common Property Rules
You can't buy or sell something that doesn't belong to you. Common and limited common property (LCP) belongs to the strata corporation. The only way to reasonably secure your parking or storage lockers is by having an LCP designation or a separate parking or storage strata lot.
Tip 2 - Use an Inspector who know Condos
Home inspectors are currently an unregulated industry. When you request a home inspection for a condo, make sure it includes the building envelope and common areas. Verify that your inspector or engineer is qualified and insured to provide a complete and reliable home inspection to protect your investment, including copies of their insurance policies.
Tips 2
Critical Items to Check before Making a Purchase
Tip 1 - Legal Issues
It is very important to check if there is any outstanding litigation because once you are the owner, the outcome of a lost suit could be passed along to you, the individual owner, in the form of a 'special assessment' that there is no way around paying.
Tip 2 - Building Conditions
Check with some current owners about problems that will have to be dealt with such as eroded concrete balconies, road repaving and sewer or electrical reworking. This is especially important in older units because any one of these could result in an unexpected big bill for you after moving in.
Tip 3 - Reserve Money for Repairs
Many of these boards of directors do not maintain reserves because the unit owners that have a say in the operation just won't vote to increase the maintenance fee to allow a reserve. Be very wary of buying into a no-reserve development.
Thanks for your interest and if you have any questions or comments feel free to call or write us:
Phone: (702) 444-4321
Email: info@one-lasvegas.com
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