Luxury Home for Sale

 Sunday, September 10, 2017     Laurence Mongeau     House and Home

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Buyers have plenty of choice when it comes to choosing the type of home they will buy. You can purchase new from a builder, or shop around for a resale townhouse, single family home or condominium.

The latter is an excellent option for first-time buyers, young professionals and retirees or those looking to downsize. That’s not to say that all condos are affordable. A spacious unit in a well-appointed building can easily boast a price tag well into the millions with maintenance fees approaching $1,000 per month.

Whatever your price range, there are a few things to consider and research before settling on a condo purchase.

The first factor to consider is those condominium fees.  Possibly one of the great mysteries of homeownership, these fees can turn an outright purchase into what seems like a rental, with monthly payments to factor into your budget for as long as you live at that address. If you have never paid condo fees before and the concept has you running scared, take a few minutes here to understand what they are and what they cover:

• The cost of keeping common spaces (elevators, indoor and outdoor gardens, lobbies and hallways, etc.) clean and in good working order.

• The upkeep of amenities such as fitness rooms, swimming pools, bowling alleys, theatre rooms, spas and party rooms.

• Snow removal, roof repair and insurance.

You’ll also want to think about the building’s amenities. Before you move into a condo, decide whether its in-house bells and whistles are perks you’ll use often enough to warrant the fees you’ll be paying for them each month.

A final consideration is the condo corporation’s status certificate. A status certificate is a prospective condo owner's first look into the financial health of their potential investment. This comprehensive report gives all the details on the current fees that owners pay, any large fee increases that may be on the horizon and any liens or arrears owed by particular owner(s). Financial statements are also a part of the status certificate and will show the trends in expenditures and receipts of the past, and provide comparisons of a corporation’s actual and expected costs. To get your hands on a condominium’s status certificate, you must submit a written request to the condo board’s management company, plus a $100 fee. They have 10 days, as required by law, to provide the certificate.


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5      12 reviews


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Wendy Burtch
  February 10, 2025

Laurence’s experience of the real-estate market made our purchase of our beautiful new home a wonderful and smooth transaction. She took the time to explain the entire process and gave professional advice. We highly recommend Laurence to help you find your dream home.

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Leslie Quinsay
  July 12, 2024

Laurence is wonderful to work with and always goes above and beyond! She has helped us in both the buying and selling processes multiple times. Highly recommend.

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Gail Alteen
  May 28, 2024

Just want to say thank you for your hard work and dedication in getting my home sold. You were very organized, professional and honest. It was a pleasure to work with you.

Photo of Clarissa

Clarissa
  May 27, 2024

Laurence is an exceptional real estate agent. She is professional, knowledgeable, and attentive to my needs. I highly recommend her to anyone looking for a great agent. Thank you, Laurence!

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