Remembrance Day here in Canada
Today is Canada’s Remembrance Day which is our Veteran’s Day.
I went horseback riding in the Short Hills Provincial Park which is on the southern edge of the Niagara Escarpment and over 1700 acres.
Time to reflect.
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Why I would never buy a condominium (again)
In 2002, I purchased a brand new, not-yet-built condominium. It was one of an eight-unit property and the condo was going to be self-managed. In the nineties, I had worked for a fellow who did large building restoration so I knew better than to buy this unit. But it was so pretty and I was sucked into the whole process.
Don’t get me wrong – the place was beautiful. You have to remember when you buy a condominium that you are living with a committee. The monthly fees were set too low by the builder. I knew that we were in for trouble in the future and I lobbied to get them raised. I was outvoted by the committee.
A relative told me he bought a condo in Toronto and they went through three property management firms in two years because the owners didn’t want to pay exorbitant condo fees. They interviewed until they found a property management firm who said they could run the place for the amount they wanted to pay. But the fee was too low. Many new condos start with low monthly fees to entice buyers. The fees soon escalate as they find they cannot maintain the building at such a low amount.
Our condominium had leaks in the basements. Amazingly, this wasn’t detected by the engineer doing the Reserve Fund Study. The whole corporation was probably in for what is called a Special Assessment at some point. Special Assessments can occur because of an unexpected expenditure. The condo may not have a sufficient amount in its reserve fund to pay for the repair and maintain the reserve fund. The Board may decide to levy a special assessment to pay for the work. This can be in the thousands for one owner.
I suggest that if you are set on buying a condo, have an independent home inspection done by a qualified person who is familiar with large residential buildings. You want someone who knows how to inspect your unit – balconies (if you have them), the underground garage, roofing, cladding, caulking, drainage and other building structure issues. Inspect the air conditioning and furnace systems. Look at indicators like efflorescence, which is a white, powdery substance that appears on the surface of concrete, masonry, and stucco products. While efflorescence itself is not dangerous, it indicates the presence of excess water, which can lead to more serious structural issues. Have your inspector look at the Reserve Fund Study and see if it is adequate to cover what will be needed over the next 10 years.
If you can’t find someone to do this, do your own inspection. Check for cracks, evidence of water damage and the condition of the building. Look at the roof. Have someone go into the unit beside the one you are considering and yell. Have someone tap dance (or bang on the floor) in the unit above. You want to check to see how soundproof the building is (many have thin walls and floors). If there is a unit below yours, see if anything leaks down. Walk around the building and observe the condition of the building. Talk to the other owners. Are they happy with the management of the property? Would they buy again?
I talked a friend of mine out of buying a condo. Instead, he bought a smaller house needing some work. He removed the grass at the back and put in ground cover. He has very little upkeep. He and his neighbours share the snow shoveling. He thanks me every time he sees me. He is slowly upgrading and loves the house. Yes, there are advantages to a condo – someone will mow the lawn, clean the windows and shovel the snow. The exterior of the condo is looked after.
List the pros and cons for yourself. Understand what it is that you are buying. The Canadian Mortgage and Housing Corporation has come up with a guide that is helpful. I realize it’s Canadian but there is a checklist in that PDF that is very useful for your own inspection and would work in any country.
Good luck.
Happy Canadian Thanksgiving everyone!
The Canadian harvest is earlier so, hence, we have our Thanksgiving about 6 weeks earlier. It’s officially observed on the second Monday of October.
No Black Friday though.
Middle-aged?
Today is my birthday and I’m 50. If this is middle-aged, who would want to be 100?
I’m taking the day off.
Busy busy busy
Here at the campground, we’re up to our ears in campers so I’m a little busy. Visit our camping blog via the home page and check out what’s new.
I’ll be back in a few days when I get caught up.
Want to feel uplifted?
This is hopelessly off-topic but if you want to feel better about life, watch this. It’s 21 minutes long but worth every minute of it.
Free grass clippings
I saw this ad in the Best of Craigslist. Very funny.
Free Grass Clippings
Great for compost or mulch, available weekly. You cut, you rake.
FREE BAIT
Okay, this one is quite a bit different than the usual money saving tips we give. For those who like fishing, this one came from a friend of mine who is an avid fisherman. Well, that’s an understatement. He lives for fishing.
Save some money on bait, and time in not having to run to the bait store. What my friend does is take an old glass milk bottle (that he’s had for years), ties a sturdy string around the neck, puts a small piece of bread inside and puts it into the water close to shore.
Once the tiny fish go in to eat the bread he pulls the bottle out by the string, and voila, free bait.
Now, catching a big fish is a whole other thing.
Wading through the sea of information
There’s a lot of information out there on the Internet. Remember, it’s not all true. Look at it and see what works for you.
Dopeler effect: The tendency of stupid ideas to seem smarter when they come at you rapidly.
~ Author unknown, supposedly from a Washington Post reader submission word contest in which readers were asked to alter a word by adding, subtracting, or changing one letter and supply a new definition
Funny joke from Reader’s Digest
Abe, an old penny pincher, was dying. On his deathbed, he asked, “Is my wife here?” “Yes, I’m here next to you” she answered. “And the kids?” “We’re here, Daddy,” the youngest answered. “Is the rest of the family here, too?” “Around your bed,” his wife assured him. At that, Abe sits up and yells, “So why is the kitchen light on?”
