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Originally Posted by imp>dom
Guys... What should I look for when buying a roughly 10yr old townhouse? Agent sent over a bunch of docs already. How should I analyse them?
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The first thing you should look at is the depreciation report (if there's one available). The report will tell you the general condition of the property and how and when repairs and maintenance need to be done. You can compare what's recommended in the report in terms of funding those repairs to the strata's annual budget. If the strata hasn't been topping up the contingency reserve fund beyond the legislated 10%, then you'll have to figure out how much to budget for the inevitable repairs, such as a roof replacement, on your own.
Second, you should have 2 years of strata minutes and budgets. You should go over these carefully to get a feel for how the complex is managed and where the weak points are.
The third thing you should look at is the survey documents. What part of the townhouse is part of your strata lot? (i.e. the part that you maintain)? What part is limited common property? (i.e. the part that the strata maintains) Do you have a garage? Is it part of the strata lot, or is it limited common property? This is important if it's the latter as there are likely rules governing how you can use your garage. Do you have yard space? Where does it begin and where does it end?
Fourth, you should look over the bylaws and the rules. For example, are you looking into a stacked townhouse? It's probably a good idea to look for a bylaw that pertains to hardwood flooring installations. How many pets are you allowed? Are rentals allowed? Etc.