Buy a Condo

Some townhouse-type condominiums for sale offer a yard and include individual furnaces and water heaters - not the case with the majority of apartment style units, which have a central heating system and common green space.

Often condos are managed by a professional company in conjunction with an elected board composed of unit owners. In some cased the board runs the corporation without the aid of a hired company. All owners have the option to serve on the board, but it is not a requirement of ownership.

The process of condo managing includes enforcing bylaws and regulations, creating a budget to cover annual costs associated with the building and ground, i.e. insurance, heating costs (if the building is heated by a central heating system), lawn care, snow removal, cleaning of lobby and hallways, replacement or repair of roof coverings, and other issues.

Condo fees also support a “reserve fund” which assures available funds are in place for future maintenance to major items. For example, a new roof covering could be needed in 5 years and cost $60,000 to replace.

Because maintaining the building and grounds, assures that the property does not lose value due to neglect, condo corporations are required by law, to have regular reserve fund studies conducted by a specialized engineering firm. This ensures funds are reserved and available when needed. To buy a condo without reviewing the study is not advised.

In Saskatchewan, a condo purchase requires that the buyer receive a standard collection of documents and reports. This collection includes documents such as the most recent reserve fund study report, proof of insurance coverage, financial statements, operating budget, reserve fund balance, list of bylaws and more. The buyer is then given time to read and approve the details, and if not satisfied, may decline the purchase without loss of deposit.