Condo Buying: Consider the 3 Ps.
While completing an educational course on Condominiums recently, the lawyer conducting the webinar said that in addition to the usual concerns and characteristics of a condo purchase (the unit, common elements, amenities, lifestyle, restrictions, etc.), there are “3 Ps” that should be taken into consideration when purchasing one:
The Three Ps of Condos
P #1 – People: Living in a condominium requires a Buyer to share with PEOPLE other than themselves and family – often a community, if you will. Depending on the type of condominium, this may involve being in close proximity to neighbours – even sharing walls.
P #2 – Pets: Some condominiums do not allow any pets at all in their declaration (the document that is registered and actually creates the condominium.) Others allow a certain number of pets (ie. 1 cat or 1 dog, or a mixture.) Still others restrict the size of the pet: 1 dog that weighs less than 25 lbs. Condo corporation CAN restrict pets and is enforceable in law.
P #3 – Parking: This can potentially become an issue for a Buyer if there is only one parking space included and the Buyer owns 2 cars. The lawyer leading the discussion suggested to ALWAYS look at the location of the parking space as well – in case it is in a location that is unsatisfactory to a Buyer.