Buying recreational property, such as a ski condo, is primarily an emotional decision. Finding a ski condo for sale in the location and price range you’re looking for may take a little legwork, but you will not be happy settling for a so-so view and an inconvenient location.
Consider a ski condo for sale in Canada
A typical two bedroom condo in Lake Tahoe is much less affordable than its Canadian equivalent. The Canadian Rockies are becoming popular with investors and those who wish to purchase real estate for personal estate because the prices have not inflated yet. In the mid 1980s, a typical condo in the Whistler – Blackcomb mountain area of British Columbia sold for around $60,000. Now, however, real estate owners can command ten times that price. Developing areas you may want to buy a ski condo for sale in are Kicking Horse, Panorama, Kimberely, and Fernie, all in British Columbia. Each location has its own personality, character and flavor, but once you have settled on a ski condo for sale, there are a few things about purchasing real estate, and condos specifically, to keep in mind.
Questions to ask before buying a ski condo
- Take a look at the minutes of the condo association board meetings to see what the owners have been complaining about. If there are complaints about repairs not being done, this could be an indication that there is management difficulty. The minutes may also reveal projects that are in the works – such as a common pool, for which the condo dues are about to increase substantially.
- Ask how much is in the community repair fund. The repair fund covers replaceable items such as tennis courts, roofs, or blacktop roads. If the condo community is one to 10 years old, the reserve fund should have 10% of the cost of the replaceable items. Between 10 and 20 years, the repair fund should be at 25% to 30%. At 20 years, the repair fund should be at 50%. If residents say they hardly pay anything in repair fees, this could be an indication that the community is not kept up well.
- Find out what the policy is towards renters. If the renter population is over 10%, the community should provide guidelines on rental policies. Will the management company find renters for you? The community can change its policies to prohibit or restrict renting at any time, but the more owners who rent, the more open policies will be.
Condos and insurance
Condos have special insurance needs. They don’t need as much insurance as houses, but owners have more to insure than a renter. The insurance needs for a condo include personal property and liability coverage. Insurance companies usually offer special policies for people with condos. Not only do the personal possessions in a condo need to be insured, but so do built-in appliances. Liability insurance will cover injuries or damage to people or property that the condo owner would be liable for.
By Virginia Zignego