Buying

Questions to Ask Before Hiring an Agent With Condo Expertise

01.16.2020

When you’re seeking the ideal condominium, finding a real estate agent with the right expertise is key. Along with a track record of success, the professional you choose should have in-depth knowledge of the condo market—and a flair for matching buyers with units that perfectly meet their needs. 

Fortunately, there are steps you can take to find a qualified expert. Whether you’re looking for an investment unit or a place to call home, asking the right questions will help ensure that the agent you choose can aid you in a successful search.  

Here are five things you should ask any condo expert you’re thinking of working with…

How well do you know the neighbourhood where I want to buy?

If you’re like most buyers, picturing your dream condo probably brings specific communities to mind. Finding an agent who’s intimately familiar with these areas will help you secure a location that works for you. Since end-users and investors tend to have different motivations, the professional you choose should also understand the goals of different types of condo buyers—and the role that neighbourhood specifics play in achieving them.

What can you tell me about condo inspections?

New units always come with a pre-delivery inspection (which is provided by Tarion), but this isn’t the case with resale condos. While many buyers opt not to obtain one on their own, agents should always provide the pros and cons of forgoing this step before a decision is made. If you’re thinking of working with a specific professional, ask them what condo inspections entail—and whether they would advise getting one in your situation.

What is your experience with developers and management teams in the city?

Delays are to be expected with pre-construction buildings—but some developers are better at completing projects in a timely manner than others. The knowledge and reliability of a board of directors can also have a major impact on your condo-ownership journey. That’s why an agent with the right expertise should not only have well-established industry connections, but an awareness of which developers and condo management teams in the city are most reputable.

What kind of conditions would you suggest including in my offer?

Adding conditions to your offer can help you minimize the potential risks of buying a condo. This step will allow you to back out of your purchase if specific stipulations aren’t met. A successful review of your status certificate is a good example. This crucial document—which includes information related to maintenance fees, building governance, and insurance—is unique to condos. Any agent you work with should be aware of the pros and cons of including conditions, whether they’re related to your status certificate or other matters, in your offer. 

Can you tell me about current maintenance fees?

Some of the most common questions that arise around condo ownership relate to maintenance fees. This monthly sum pays for everything from upkeep and repairs in common areas to building insurance. It can vary from one development (and even one unit) to the next, and is usually calculated based on square footage. A real estate agent who is a true condo expert should be able to discuss the range of fees in the city, and the many factors that go into determining them.

How is buying a condo different than purchasing a house?

While there are similarities between buying a condo and a house, there are also key differences. From what to look for during your search to the future costs involved and beyond, there’s no shortage of considerations that go into a successful purchase. Agent interviews offer the opportunity find a professional who knows the condo market inside and out. With the right representative by your side, you’ll enjoy a smooth buying process—and the perfect suite to meet your needs.

Ready to purchase a condo? Reach out to start the process, and we’ll take the first step together!