Other Condo Considerations

Once upon a time, a buyer purchased a condo unit.

Though the building was old, built in the 80s, the location was superb, the condo was low density, and the unit was spacious compared to what was available in the market. He thought he got a fantastic deal.

Months passed, and problems started to arise. First, the unit's ceiling began leaking. Neither the owner of the unit above nor the building's administration was willing to cover the repairs, so the buyer ended up paying for them.

Weeks later, the building's elevator broke down and needed replacement. The administration couldn't replace it because the unit owners refused to contribute, possibly due to a lack of funds.

With no other option, the buyer decided to cut his losses and put the unit up for sale before more problems emerged.

Lesson: When purchasing a condo, buyers must consider the financial capacity of other owners. While it may sound discriminatory, as this story illustrates, ignoring such factors can lead to significant problems later on.