What to know before buying a condo?

Nouvelles

21 August 2020

You have just visited the condo of your dreams and wish to go further in your buying process? Here’s what you need to know!

Co-owners: What you need to remember about Bill 141

The adoption of Bill 141, in June 2018, introduced several new provisions in the Civil Code of Québec to better protect co-owners.
One of them, which will come into force no later than June 13, 2022, provides for the replacement of the terms “replacement value” by “reconstruction value”. Once it comes into effect, any syndicate will have to have sufficient insurance coverage to ensure the complete reconstruction of its immovable.
In addition, the reconstruction value will have to be reassessed by a professional every five years.
That said, even if this measure has not yet come into effect, it is strongly recommended that you have the value of your building reassessed at least every five years.
Real estate brokers must follow continuous training on this subject. They will be able to help you with your sale or purchase of a condominium.

The advantages of living in a condominium

The financial aspect

One of the main advantages of living in a condo is obviously the fact that you are the owner.

Amenities

Most modern condo buildings are equipped with high-end amenities – swimming pool, sauna, fitness center.

Maintenance

When you own a condo, you don’t have to devote time to the maintenance of your property.

Life at the heart of the action

Imagine waking up every morning in a beautiful condo in the heart of the city? Plus, in the Eastern Townships, you’ll enjoy splendid views of your immediate surroundings.