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Condo Buying: Consider the 3 Ps.

Posted by Sherry Rioux on October 27, 2016
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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

Condo Information for Collingwood, Blue Mountains, Meaford, Grey Highlands, Clearview and Wasaga Beach

Condo Information for Collingwood, Blue Mountains, Meaford, Grey Highlands, Clearview and Wasaga Beach

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.

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