Condo Maximum

In the same way a chameleon

changes colour to suit its

surroundings, a wellthought-

out condo purchase will

adapt to its owner's changing

circumstances. A realistic

assessment of your needs, a

modest amount of investigation

and planning, and a bit of luck are

all that are required to make your condo a multi-purpose

living space and a sound investment for years to come.

My friend's son recently started university in Toronto.

Faced with the realization that his rent was going to form a

substantial part of his bill, she bought a two-bedroom

condominium for him. The "rent" he pays is just enough to

cover the mortgage and monthly common expenses, but is

still below market rates. He can put his savings towards

other expenses and she can use the rent to pay down the

condo, effectively keeping the money in the family. As her

other children graduate and enter the workforce, the condo

may see double duty as an affordable first home for them.

The choice of the unit was made with an eye to her own

future. She hopes to travel in her retirement and the condo

will give her the security and peace of mind to remain absent

for extended periods. My friend is also realistic. She loves

her current home, but knows there will come a time when it

will be too much for her to handle. At that point, with the

nest empty, she can downsize into the condo. In the years in

between, she plans to rent the condo and use that income to

pay down the mortgage.

What factors should you look for if you're considering this

strategy? First, since you're in for the long haul, look for a

unit built by a reputable developer. Speak to other owners

and search the Internet. And don't overlook the obvious: examine the construction materials and finishings in the

unit. You don't have to be an expert to recognize quality at

this level.

Next, look for an active board of directors and

management. Are the grounds and common facilities

maintained? Is the parking garage in disrepair? Regular and

attentive maintenance can prevent owners from being faced

with potentially crippling special assessments to carry out

major structural repairs down the road. Consult with your

lawyer or agent to ensure that the condo's rules and

regulations will be appropriate for your needs.

You also require a building that will suit your needs and

those of your children over time. If you plan to live in the

unit in your retirement, you may place a premium on a

building that offers guest suites and has adequate guest

parking. Is having handicap access likely to be an issue for

you in the future? You may also want to have 24-hour

security and indoor parking.

Another factor you need to consider is location. If the

condo is going to serve as student housing for your children,

proximity to the college or university is important.Try to get

a sense of the local community. Is the character of the area

likely to remain the same or is it changing? If you are

counting on an unobstructed view from your balcony, avoid

purchasing in a building where other properties in the

immediate vicinity are likely to be developed.

Of course, life doesn't always go according to plan, so be

realistic about whether you want the financial commitment

of a second home. You also have to be prepared to take on

the time-consuming duties of a landlord-or pay someone

else to perform that role for you. But a condo can offer many

years of varied use to all members of your family.

Denise Lash is a condominium lawyer at Heenan Blaikie LLP and can be reached at dlash@heenan.ca