In 5 years Mississauga will have over 50 condo buildings just around Square One. However, the prices will be starting around $200,000 just for a standard 1 bedroom unit. For the same price you get a condo in Brampton that’s twice the size. And a one bedroom condo in Brampton starts around $110,000.

This affordability in the condo market keeps attracting people from Mississauga who’ve just found impossible to justify high prices there. Brampton offers a good mixture of condos. For people whose main concern is the price they can get something around Bramalea City Centre. For people who wants a little luxury and some facilities in their buildings Brampton offers that also and for atleast $50,000 less then comparable Mississauga condos.

Question: Why buy a condo?
Answer: A condo (especially in Brampton) is an appealing way to enter the housing market if the cost of a single-family home is out of your reach. Condos are especially popular among single homebuyers, empty nesters, and first-time buyers in high-priced housing markets. Unlike a house, condos offer a lifestyle that is free of yard work and exterior maintenance and repairs. Many condominium communities also offer amenities such as exercise rooms, tennis courts, and swimming pools that you might otherwise be unable to afford if you purchased a single-family home.

One of the most enticing reasons to buy a condominium rather than a single-family residence is that it provides a simpler, low-maintenance life style. If this is your goal, make sure that you’ll actually be getting what you bargained for. Don’t assume that your maintenance fees will take care of all exterior maintenance. You may even find variability within one complex. The dues in one phase might cover exterior paint and roof replacement, but not in another.

Before buying a condo, find out exactly what is covered in your maintenance fees. Also, find out if there are owners who are delinquent in their dues, and find out how much the dues have been increased over time. In a new development, the initial dues assessment may not be realistic in terms of handling future problems. In older buildings that require a lot of upkeep, you may find that the homeowner’s dues are exorbitant.

Investigate any pending litigation against the complex. If the project is new, check out the builder’s reputation. Have homeowner’s associations of other complexes he built sued him? How does he deal with routine complaints and requests for repairs?

Read the Status Certificate to find out if there are issues you should be aware of. Is the reserve fund adequate to handle unexpected expenses? Or, should you anticipate further assessments to repair a tennis court or replace a furnace?

While you can do all of this research on your own, why risk potentially missing an important detail? I sell Brampton condos all the time. Give me a call and I’ll tell you which buildings to avoid.

What is a Reserve Fund?
Condominium living is different from owning or renting a detached house, townhouse or apartment because condos have a dual nature. Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium.

There are many advantages to condominium ownership (especially in Brampton). It may be less expensive than other types of home ownership and it can provide an “instant” sense of community. While someone else is shoveling the snow, you can participate in community decision-making.

But condominiums are not everyone’s cup of tea. Condominium corporations may set restrictions on such things as owning pets or having an outdoor barbeque.

Whether you’re a first-time buyer or have lived in your condo for years, the Condominium Act is designed to protect your investment, improve the day-to-day operation of your condominium and allow for new kinds of condominium developments

For information on Brampton condos or any other general Brampton real estate questions drop me an email.