Commercial Condominiums

Commercial condominiums are a cost effective means of acquiring real estate for business uses without the costs associated with freestanding buildings if available in the size and location desired.

Common element features such as roadways, roofing, building exteriors etc., are maintained by the corporation as a whole, usually at a fraction of the cost paid by a stand-alone building, freeing time and money for other things.

A wide variety of unit sizes and styles allow for multiple uses and many complexes house business of a similar nature such as contractors and other service providers.

When inspecting a condominium purchase, I insist on looking at all the common element features to get an idea of their condition and how well they are being maintained relative to the age, style and uses of the various units.

Status certificates and reserve funds are a good indication of the financial and physical health of the complex as a whole.

Over the past few years, I have inspected a number of units that suited my client’s needs perfectly. Problems arose when my inspection of the common elements revealed serious concerns about the roof system, paving, drains, parking garage repairs or other major expense items.

Reserve fund studies can be completely at odds with the physical reality that I see, followed by the revelation that the funds available for the capital expenses required to restore common element components are woefully inadequate.

This can result in several years of special assessments to fund work that is urgently needed yesterday.

Buyers beware; check out the status certificate and reserve fund as well as the physical building.

Article by Brian Edwards M.A.A.T.O, B.C.Q, President of Westbrook Building Inspections Ltd. hope this helps and if you have any questions, please don’t hesitate to give me a call.

Century Office Building Conversion

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