I am looking to buy a place that is in a building with less than 30 units, so on the smaller side. I have seen buildings with well over a hundred, or several buildings in the same complex. They all seem to be well kept and have massive contingency funds.
From my uninformed assumption, it would seem that would be better for things like roof, damage, maintenance, boiler, general upkeep without having to be dinged with special assessments.
Conversely, without big strata fees, it would seem a small building would be harder pressed to amass a decent sized contingency. That being said, a smaller building has less needs, and the roof, boiler, common area, etc. tend to be smaller in size and in costs. But there still are some things that make me nervous. For example, if the elevator breaks down and needs several thousand in repairs. A bigger building would likely shrug that off a lot easier.
So it seems buying into a bigger building would be wiser for the greater distribution of costs and a bigger contingency. But it does have more upkeep and more expensive stuff.
Smaller has less expensive stuff to go wrong but less people to pay them. Also, the units in smaller buildings are considerably cheaper by 10-20% which is not insignificant.
Can anybody shed some light into the pros and cons of buying a condo in a bigger, well kept building versus a smaller well-kept building? Perhaps some things I am not considering? Is buying into a bigger building a lot better maintenance-cost wise?