So you’re thinking of buying a Condo

The empty nest syndrome begins to affect seniors when two people and the cat live in the four-bedroom 3000 square foot home they have shared for thirty years. We hope the kids are not likely to come back or are they? We won’t go there.

Seniors see high-rise condos going up everywhere promising a life of comfort and ease. Why not cash out the house while the value is high and buy a condo? A perfectly good question and the answer is often, “yes, let’s do it”.

Now that you have decided to look into it seriously take some more time and consider some of the aspects of high-rise life.

Benefits of condo living for seniors;

1- No more care of your homes exterior, lawn and garden.

2- Reduced costs for utilities, taxes.

3- Probability for capital gain on the purchase price.

4- Many condos have 24-hour concierge and security.

5- Underground parking with no snow shovelling.

6- Interesting neighbours whom you can sometimes get to know.

7- A cozy place to cocoon.

8- It is easy to leave for a trip or an extended vacation.

A condo can be a good choice for empty nest seniors.

There are things to be considered when choosing a high-rise condo.

1- The higher the floor the higher the cost. You are paying for the view over the neighbourhood. However, there are problems with being up there.

a) The heating and air conditioning machinery is usually on the roof and it generates noise that can penetrate to units on the upper floors.

b) Elevators often seem as if they will never get there while people on lower floors get on and off.

c) You may feel disconnected from the ground. People who have lived in a house are used to being on the ground near the grass, trees and people. Everything seems very small from high up.

d) Your view may include less attractive nearby sites such as roads, railway tracks, industrial buildings.

e) The wind is usually stronger on the balcony the higher up it is.

f) It can be a long walk down in the event of a fire or power outage.

2- Condo fees never stop increasing. Of course the costs of running a house always increase too. Be sure to look at the financial data for the condo before you buy and if it is a new unit do not trust the builder’s estimate of what the fees will be. They often underestimate them and owners get a huge surprise later.

3- Owners pay municipal taxes and some utilities such as electricity, cable TV, and telephone. It depends on the corporation but no matter, the cost of gas, water and common element utilities are prorated and charged to the owners. Nothing is free.

4- The Condo Manager administers the building for a charge of about $25 per month included in your condo fees. Fair enough but they do not have any liability for any costs that may be incurred for the Corporation even if they are the result of poor management.

5- Read the documents that describe the rules that apply in the building. It is hard to change rules later if they are oppressive.

6- Confirm the number of rental units in the building. It is better if most units are owner occupied.

7- Be aware of what the Manager and the Board of Directors are doing. Know who are on the Board and understand why they undertake that onerous job. Someone has to do it though and maybe you ought to take a turn.

Condo Corporations are regulated under the Condo Act. The law protects owners from bad management and dictatorial Directors. Unfortunately in many buildings owners don’t pay attention and assume there are no problems. Remember, the building is your home and everyone else affects its value.

I can still recommend that a Condo Building can be a good choice for empty nest seniors.

For discussion or comments email outram@rogers.com

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