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Grant Staley
CHARTERED REAL ESTATE AGENT, Author

Grant Staley CHARTERED REAL ESTATE AGENT IN MONTREAL and a key partner - Royal LePage Village franchise network.


The A B C's ... About Boomers and Condos


As the children move on and home begins to feel a little empty, many of us ‘Boomers' start thinking more seriously about the next move! Freedom at last!!!

Although we're not quite ready for the final move, what's the best interim solution to fit our lifestyle? For some, the tranquil environment of an oasis in the country nestled amongst the pines around a lake. For others, downsizing and taking advantage of some of that hard-earned equity (at last!) is a viable option.

For those who value their time, enjoy travel, golf, sailing, or are just plain tired of the large family home up-keep, a Condominium can be an attractive option. Contrary to single dwelling or townhouse ownership, a condominium consists of either a series of ‘row' housing or ‘apartment' style housing, permitting individual home ownership sharing certain characteristics while being governed by a specific set of regulations – a declaration of co-ownership -to protect your best interests.

Montreal condos can range in price from just over $175,000 in some areas to $400,000 and $500,000+ for waterfront and even well over $1,000,000 for some of the more lucrative ‘downtown' destinations! Amenities may include nicely manicured grounds and walkways, pools & spas, exercise and meeting facilities and even depanneurs in some cases. Size and layout can be surprising, especially in more recent construction where standards for quality of living are of the utmost.

Purchasing a condo means owning your particular unit and ‘technically' a % of the ‘common' areas within the building and the grounds. These often include the landscape, building entrances, hallways, garages, and pools. In exchange for personal responsibility towards maintenance & repair costs, a monthly condo fee is charged towards these and other items, basically amortizing major expenses. It's important to realize although concessions are often made in terms of space and privacy the benefits can be significant: a) Lock the door and go! No maintenance whatsoever. b) increased security is often the norm . c) Major problems with the roof/heating system etc-covered! d) Grass/snow removal-forget it! e) Home insurance premiums - less. Contents only required as the condo association covers the building. Oh yes , Condo Association. As per the Quebec Civil Code all condominiums must be registered and governed by a condo association.

This association depends upon the size of your complex and most often consists of an elected president, treasurer and others to act in your best interests collecting monthly condo fees, managing the budget and building maintenance and repair issues, all the while ensuring annual meetings with individual owner participation and voting rights.

When buying a condo it's important to ensure your R.E. agent protects you with specific clauses, allowing you to review the condo declaration as well as recent association financial reports and current budget, before finalizing a deal. You'll want to be comfortable knowing there is a solid reserve fund being built for future repairs and maintenance.

If you're the gardener or backyard BBQ type this may not be the ideal scenario however, as witnessed by consistent price increase in the resale market combined with the explosion of new condo construction throughout the greater Montreal area, there most certainly is an incredible demand fueled by the “Boomer” generation.

Why not live for today ?

 

HOW TO CONTACT GRANT

www.westislandhomes.com

E-mail grant@westislandhomes.com

Call 514-835-5135

Royal LePage Village 93 Don Quichotte Île Perrot, Quebec J7V 6X2

 

 

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