Tips for first-time buyers of condominiums

Article from Volume 13, Issue Number 2, 2025

Tips for first-time buyers of condominiums

By Aleethia Mackay and Charlene Urbanski | Other articles by Aleethia Mackay and Charlene Urbanski | Feature

Let's dive into the exciting world of condominium ownership! Forget those cramped apartments or a house that feels like just too much space these days; imagine a space you own, a community you're part of, and a lifestyle designed for convenience. But before you sign on the dotted line, let's explore the top five things you absolutely need to consider as a new condominium owner:

1. A condominium: What is it exactly?

The term “condominium” refers to a system of land ownership in which each individual owner holds title to a specific unit as well as owning a share of the common property. There are many types of condominium units; a standard unit can be an apartment suite in a low rise or high-rise building, while a bare land unit could be one of a row of townhouses, a detached or semi-detached house or even a bare lot. A condominium unit may be a residential dwelling, a commercial office, a warehouse or a recreational property and a condominium corporation could include both residential and commercial units.

The characteristic that binds together all of these diverse forms of property is the fact that, in each, the owners of the units, in addition to owning title to the units, also each own a part of property in common with other unit owners. This common property might be the hallways, elevators and parking structure of a high-rise project, the landscape areas and recreational facilities of a low-rise project, the roadways serving a condominium bungalow project or any other property that is owned in common and that can be used by all of the unit.

2. Community living: more than just shared walls

When you buy a condo, you're not just purchasing a unit; you're joining a community. This is a significant shift from renting a standalone house. Picture shared amenities such as gyms, pools, and social rooms. You'll probably encounter neighbors in hallways, elevators, and at community events. This social aspect can be a huge plus, offering a sense of belonging and support. However, it's crucial to consider if you're comfortable with this level of interaction. Are you ready for shared spaces and the potential for neighborly chats? Remember, your lifestyle will be intertwined with the building's vibe. Attending a few building social events, if possible, before purchasing, can give you a feel for the community.

3. Condominium fees and taxes: the real cost of ownership

Don't let the initial purchase price fool you! Condominium fees are a vital part of your monthly expenses. These fees cover everything from building maintenance and landscaping to insurance and reserve fund contributions. Understanding precisely what they include is critical. Ask for a detailed breakdown. Are you paying for a 24/7 concierge, a state-of-the-art gym, or just basic upkeep? Also, don't forget property taxes! Just like owning a house, you'll be responsible for paying taxes on your condo. Factor these costs into your budget to avoid any financial surprises. A thorough review of the condominium corporation's financial statements is a must, as is the auditor’s report! Pay special attention to the reserve fund study, ideal balance and actual reserve fund balance.

4. Ownership advantages: building equity and stress-free maintenance

One of the significant advantages of condominium ownership over renting is the potential for appreciation. Unlike rent, which vanishes into thin air, your condominium can increase in value over time. This equity can be a powerful financial tool. Furthermore, condominium corporations typically handle exterior maintenance, including landscaping, snow removal, and building repairs. Imagine never having to shovel snow or worry about roof repairs again! This convenience frees up your time and reduces stress.

5. Worry-free vacations and enhanced security

Condominium living often provides a sense of security, especially when you're away. Many condominium buildings have security systems, concierge services, or secure access points. This allows you to leave for vacations without the constant worry of unattended property. The ability to lock your door and go is a serious point for many people.

A helpful resource: the CCI Manitoba Condominium Guidebook

If you're seriously considering condominium living, a fantastic resource is the CCI Manitoba Condominium Guidebook. It offers invaluable information on condominium governance, legal aspects, and best practices. It's like having a condominium expert in your pocket, guiding you through the complexities of condominium ownership. The CCI guidebook is a great resource, and we highly recommend looking into its information and resources.

Buying a condominium is a significant decision. By carefully considering community living, condominium fees and taxes, the advantages of ownership, and security, you can make an informed choice and find a home that perfectly suits your lifestyle. Happy condominium hunting!

Charlene Urbanski is a new professional member of CCI Manitoba and has recently joined CCI Manitoba’s Education Committee as a volunteer. Charlene is a salesperson at Lifestyle Real Estate with 17 years' experience in real estate.

Aleethia Mackay is a new member of CCI Manitoba and has recently joined CCI Manitoba’s Education Committee as a volunteer.

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