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Nanaimo, BC has many condo and townhouse complexes to choose from. Find Nanaimo condos for sale including sq. footage, neighbourhoods, features, photos, and prices in the listings below.
Everything You Need to Know About Buying a Condo in Nanaimo
Buying a condo is an excellent way to become a homeowner in Nanaimo without having to deal with all the upkeep that comes with most other options, such as a single-family home. However, before you buy a condo, be certain that it is the right fit for you. Here's what you need to know!
Condominium owners have shared responsibilities.
Among the aspects of condo living that draw property owners are the shared obligation for insurance and repair. Usually, a condo community has a strata management and strata council in charge of maintaining and upgrading the property's exterior features, such as siding, windows, and roofs.
Qualifications for getting a mortgage
In some situations, getting a mortgage for a condominium may be more difficult than you think. Often Buyer’s don’t realize that the monthly strata fee must be factored into how much a lender will lend you.
A condo is individually owned but managed by the Strata Council and Management Co.
It’s important to understand how condominiums work before buying one.
Even if you own your condominium, the Strata manages it. As a result, the situation will be altered slightly. To begin, you must follow specific strata bylaws which benefit the whole ownership group.
Thus, one of the very first things to do before purchasing a condo is to familiarize yourself with the Strata Bylaws. These rules might range from simple to complex! If the regulations don't suit you, you may have to look for another property in a different area.
You're acquiring an ownership stake.
The “ownership fraction” of a single unit in the condo's common property can affect the amount of the monthly strata fee based on what you own.
Condos are often associated with lower insurance premiums.
A condominium owner is more likely to get a cheaper insurance plan than a homeowner of a single-family house of comparable value. It is because a condominium association's master policy often covers sections of the home's structure.
However, this will depend on the sort of master policy the association obtained. Before investing in a condo, it's best to check the association's insurance policy to see what it covers and what your deductibles will be.
Examine the condominium Strata’s contingency fund.
Having adequate money in the condo's reserve fund helps to prevent owners receiving an assessment when things require replacing or repairing. This fund is used to cover operating costs such as common area maintenance. Purchasing a condo with a solid reserve fund could save you money in the long run.
Read the Strata documents
I usually add a condition to any offer I write for clients purchasing a condo that states that the Buyers purchase is contingent on them reading and approving the strata documents. These documents include: two years of strata meeting minutes, strata insurance policy, the financials, the minutes from the AGM and Special General meeting minutes, Rules, Strata plan, Depreciation report, Bylaws and a unit specific form called the” Form B”
