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The following are questions from Canada Mortgage and Housing Corp. that are particularly important for buyers considering condominiums in buildings that once contained rental units:
- Is the condominium corporation in good financial condition?
- Is all documentation for the condominium accessible and in good order?
- Are there any legal claims or judgments against the condominium corporation?
- What is the proportion of owner-occupied to rented units?
- Is the condominium in good physical condition?
- Does it seem well built or well maintained? Will it be durable?
- Does it have fire protection systems (such as smoke detectors, sprinklers)?
- Does the price seem reasonable for what I am getting?
- Are the condominium rules and restrictions clearly defined and understandable?
- Does the developer seem helpful in explaining the rules?
- Are the condo's rules and regulations reasonable, and can I live under these rules?
- Can I rent out my unit?
- Does the management fit my lifestyle (property manager versus self-managed)?
(Source: Canada Mortgage and Housing Corp., Condominium Buyers Guide.)
How can you tell whether the conversion condo you are considering is worth hiring an inspector and poring over the fine print in the reserve study?
Paul Sirois of Edmonton Property Inspections says the following are some signs the developers have done good quality work up-front, and evidence they have likely put some thought into the long-term future of the building:
- Installation of electrical outlets with ground fault interrupters (buttons that cut off electricity if you drop your hair dryer in the sink) are often required in converted buildings, but quality developers add them for safety reasons.
- Improved fire suppression systems and alarm systems, such as better emergency lighting and exit marking, is evidence the developer has put thought into fire safety, too.
- New vinyl windows (not just new window casings) and new doors prevent moisture from entering the building and can be a sign the developer was thinking long term.
- Improved handicap accessibility, like ramps and doorknobs, are seldom required and often a sign the developer has gone above and beyond to meet new accessibility requirements.
- Ask what else the developer has done to the building: Any improvement that is done to better conform with modern building codes is a good sign.
Source: http://www.canada.com/calgaryherald/news/newcondos/story.html?id=82018b5a-cccf-4e0a-b34b-9230b278c363
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