Aliona H. Pricov

One of the first things buyers ask me about is condo fees. And I understand why. Nobody wants another monthly expense. But here’s what I always explain: don’t look at the amount alone. Look at what those fees actually cover. Depending on the building, your fees may include heat, water, common property insurance, building maintenance, amenities, and contributions to the reserve fund. A building with lower fees isn’t automatically a better choice. What matters is whether the fees are reasonable for what the building provides and whether they’re enough to support its ongoing needs.

Think of a reserve fund as money the condominium corporation sets aside for major repairs and replacements. Roofs, elevators, windows, and other common property components eventually need work. That’s why planning ahead is so important. When I’m helping buyers, I encourage them to understand the reserve fund, the building’s future repair plans, and what those projects may cost. A large reserve fund balance can be reassuring, but the amount alone doesn’t tell the whole story. It needs to be considered alongside the building’s condition and future expenses.

Special assessments are one of the biggest concerns I hear from condominium buyers. A special assessment is an additional amount owners may be required to pay when the condominium corporation needs funds beyond its regular budget and available reserves. Does that mean condominiums are a bad choice? Not necessarily. What matters is understanding the building’s financial situation, known projects, and potential expenses before making a decision. Even a well-managed building can face unexpected costs. No one can guarantee there will never be a special assessment. That’s why I believe doing your homework before buying is so important.

When you buy a house, you usually arrange a home inspection. When you buy a condominium, there’s another important step I strongly recommend: a professional condominium document review. These documents can tell you a lot about the building, including its finances, bylaws, reserve fund, meeting minutes, and plans for future maintenance. I recommend having an independent professional review them so you can better understand any concerns or obligations before completing your purchase. It’s about making an informed decision, not simply hoping everything will be fine.

Every condominium has governing documents, and they can affect how you use and enjoy your property. For example, there may be restrictions involving pets, renovations, rentals, parking, or use of common areas. Something that seems small today could become important later. That’s why I encourage buyers to understand the rules and bylaws before purchasing, rather than discovering a restriction after moving in.

A beautiful condominium unit doesn’t always tell you how well the building has been maintained. I encourage buyers to ask about major repairs, completed improvements, and projects planned for the future. Has the roof been replaced? Are the elevators due for upgrades? Are there any major repairs being discussed? Understanding the building’s maintenance history and future plans can help you see the bigger picture.

A condominium is a shared community, and important decisions are made about how the property is operated and maintained. The condominium board oversees the corporation’s affairs, often with support from a professional condominium management company. Having served on a condominium board for eight years, I’ve seen firsthand how much attention goes into budgets, maintenance decisions, contractors, bylaws, and day-to-day concerns. It’s one of the reasons I encourage buyers to pay attention to how a condominium corporation is managed, not just how the building looks.

I live in a condominium myself, so I understand why people enjoy this lifestyle. For some buyers, it’s about convenience and having less individual exterior maintenance to worry about. For others, it’s about location, amenities, affordability, or finding a home that fits their stage of life. Condominium living can be a great option for first-time buyers, couples, smaller households, people downsizing, and many others. But it’s not the right choice for everyone, and that’s okay. What matters most is finding a property that suits your lifestyle, your budget, and your long-term plans.