Tuesday, March 18, 2014

Condo Selection Criteria

What's a good deal?
    Do you like the style is just part of the process?
    Is it a presentation package with floor plan?
    Proposed Expenses?

How do you define what is or is not "LOW" maintenance fee? 
How do you define best value? 
Are 1 + 1's better than two's? 
What is the mix of units in the building? 
How many are on a floor? 
How many are rented? 
Is there parking for each unit + parking for guests? 
Is there a community surrounding that condo cluster that has walk-ability? 
How many requisition meetings have been held? 
Is the Performance Audit and Reserve Fund Study complete? 
As a second time buyer [for investment] does buying 416 and paying extra LTT bother you?

Contribution to Reserve Fund is calculated by an inspection of the Building by Professional Engineers. This report is called a Performance Audit. The receipt of this report calculates the Remaining Economic Life of each building component.  The result of this, is the Cash Flow Reserve Fund contribution which explains when things need to be replaced as they wear out.

Reserve Fund Studies will be conducted every 5 years in accordance with the Condominium Act. 

No comments:

Post a Comment