What No One Tells You About Buying a Condo - Until It’s Too Late

Buying your first condo is a big move - and a good one. It’s your first step into ownership, into building equity, into having a place that’s truly yours. But like any milestone, it comes with a learning curve.

Here’s the thing: the more you know going in, the smoother and more exciting the journey will be. So instead of trial by fire, let’s talk honestly (and optimistically) about what it really means to own a condo - and how you can walk in with total confidence.

1. Know What You're Really Signing Up For And Feel Good About It

Most people know how to calculate a mortgage. But what surprises new condo owners is everything that isn’t included in that monthly payment. According to J.D. Power, many first time buyers say they simply didn’t expect all the day-to-day costs of ownership.

The good news? Once you know what to look out for, you can plan for it and avoid surprises.

2. What Condo Fees Cover (And Why They’re Worth It)

Your monthly condo fee isn’t just an extra bill - it’s what keeps your building clean, safe and well maintained. Think of it as a pooled resource that takes care of:

●      Landscaping and snow removal

●      Repairs to common areas

●      Building insurance

●      Maintenance of elevators, hallways, and amenities

●      Saving for big-ticket repairs down the road (called the reserve fund)

Some buildings even include utilities or internet. The key is knowing what’s included - so you can plan your budget with clarity.

Tip: Ask for a copy of the status certificate. This gives you a snapshot of the building’s financial health, future projects and whether fees are expected to rise.

3. Understanding Special Assessments (Without Fear)

Occasionally, a building faces a major repair - like a roof replacement - that wasn’t fully funded in advance. In that case, condo owners chip in through a one-time “special assessment.”

Yes, it’s a surprise bill. But it’s not random - and with good planning, it’s avoidable.

How to stay ahead of it:

●      Choose buildings with strong, well-managed reserve funds

●      Ask your agent or lawyer to check for past or upcoming assessments

●      Review the age of key systems (roof, HVAC, elevators)

You can absolutely avoid surprise expenses with the right questions upfront - and that’s where I come in.

4. Yes, You Still Need Insurance - But It’s Simple

The building’s insurance covers the structure and common areas. But your belongings, renovations and liability inside your unit? That’s where your personal policy comes in.

The good news? Condo insurance is typically very affordable - often $25 - $50/month and gives you peace of mind that your space (and everything in it) is protected.

5. You’re In Charge (in a Good Way) of Your Own Repairs

One of the best parts of condo living is not having to mow lawns, fix roofs or shovel snow. But inside your unit, it’s your domain - which means any repairs or updates are up to you.

That’s actually a great thing. You have complete control over your finishes, appliances and how your home looks and functions. Just budget a little each year for the occasional fix-up.

6. Understanding Property Taxes = Power

Yes, even condos have property taxes. But understanding how they’re calculated - and how they fit into your overall monthly costs - makes you a smarter, savvier buyer.

7. Start with Your Budget, Not the Listings

Here’s a winning strategy: Talk to a mortgage professional before you start your search. A solid pre-approval gives you your real budget and saves time, energy and heartache.

Even better? Shopping around for rates can save you thousands over the life of your mortgage. A recent study showed that getting just one extra quote could lower your rate by nearly a full percentage point.

Tip: A great lender doesn’t just give you numbers - they help you understand what you can comfortably afford, not just what you qualify for.

8. The Process Isn’t Complicated - When You Know the Steps

Transparency is everything when buying your first condo. That’s why I always walk my clients through the process step by step. Here’s a quick look:

1. Pre-approval - Know what you can spend

2. View properties - Keep your lifestyle and monthly costs in mind

3. Make an offer - With smart conditions and timelines

4. Review the status certificate - With your lawyer

5. Optional inspection - Especially in older buildings

6. Final mortgage approval - To lock everything in

7. Closing day! - You sign, pay and get your keys

   
   

When you know what’s coming, everything feels less stressful - and more exciting.

9. The “Feel” of the Building Really Matters

Condos aren’t just measured in square feet - they’re about lifestyle. So while spreadsheets and documents matter, so does how the place makes you feel.

Ask yourself:

●      Do I like the vibe of the lobby and hallways?

●      Is the building clean and well-lit?

●      Can I see myself living here - and feeling proud to call it home?

Visiting at different times of day and talking to other residents can tell you more than any listing ever will.

10. Quick Tips for Confident Condo Buying

Here’s a checklist of smart, proactive moves my happiest buyers make:

Ask what’s included in the condo fee (heat, hydro, internet?).  Find out if there are pet restrictions.  Review recent board meeting minutes for red flags.  Confirm ownership of parking/locker.  Learn about Airbnb or rental policies (if that matters to you).  Keep a buffer in your budget for surprise costs

And most importantly - ask questions! No good real estate agent will ever make you feel silly for wanting to understand the details.

11. The Joys of Condo Living: Why It’s Worth It

For all the planning and paperwork, condo life brings some amazing perks:

●      You get your own space - without the upkeep of a house

●      Amenities like pools, gyms and party rooms are often included

●      You’re part of a community (with the option to engage or stay private)

●      You can build equity instead of paying rent

●      You’re free to travel and lock the door without worry

The key is buying smart. And once you do, the lifestyle can be pretty incredible.

12. You’re Not Alone - And You Don’t Have to Know Everything

The best news? You don’t need to become a real estate expert overnight.

When you have someone in your corner - explaining things clearly, asking the right questions and looking out for your best interest - the process gets a whole lot easier. And maybe even a little fun.

Final Word: Let’s Find a Condo That Fits You

The perfect condo isn’t just one that checks boxes - it’s one that supports your lifestyle, your budget and your future.