Condos are located on common property. Usually in a multi story building. The strata takes care of many of the common components surrounding the home. Although may of these items are not the direct responsibility of condo owners, it’s still important to know if there are any outstanding conditions or signs of deferred maintenance. A walk around the exterior of the building is performed, an inspection of the interior of the unit you are considering and when accessible the common areas such as parking garages and additional storage areas are observed. Click on each item for a detailed description.
When considering the purchase of a condo, it is very important to read at lease one year of strata meeting minutes and to review the most recent depreciation report. These documents will give you an understanding of the maintenance habits of the strata, the lifespans and expected replacement horizons of the building’s components, whether there has been any deferred maintenance and if there is enough money in the contingency fund to cover upcoming costs.