- Joined
- Oct 22, 2007
- Messages
- 5
Hello,
I`ve been looking at a Condo in Edmonton on the West end. It`s in great condition but my concern is with the condo fund and lack of participation by other condo owners in the association. The Condo Board has been operating since 1991 and the fund is around $16000.00. It`s a 12 unit building and the list of things that the building needs includes insulation in the attic, new windows and balcony repair. Seems like quite alot of work for such a small fund to handle. This is the lower end of the spectrum as far as condos are concerned. The condo fees are $290.00/month which include heat and water.
I`m looking for some guidance and perhaps advice as to whether or not I should walk away from the deal. Is this a pretty standard description for condos of this age and description? Are the condo fees way to high for a 1970`s building and is the fund way too small for the work that needs to be done?
Pete
I`ve been looking at a Condo in Edmonton on the West end. It`s in great condition but my concern is with the condo fund and lack of participation by other condo owners in the association. The Condo Board has been operating since 1991 and the fund is around $16000.00. It`s a 12 unit building and the list of things that the building needs includes insulation in the attic, new windows and balcony repair. Seems like quite alot of work for such a small fund to handle. This is the lower end of the spectrum as far as condos are concerned. The condo fees are $290.00/month which include heat and water.
I`m looking for some guidance and perhaps advice as to whether or not I should walk away from the deal. Is this a pretty standard description for condos of this age and description? Are the condo fees way to high for a 1970`s building and is the fund way too small for the work that needs to be done?
Pete