5 Things to Consider Before Buying a Condo

Homeownership is becoming increasingly expensive across Canada. Maybe that’s why buying a single-family home or a townhouse is not a good option for those buyers who are low on the budget. If you however still wish to enjoy a proper city life and want to own a property right in the heart of the city, condos could be a great option.

A condo for sale gives you the freedom to enjoy the perks of a big city without spending the kind of money traditional types of homes often require. Apart from low cost, owning a condo means you can also expect low maintenance and low taxes as well.

And the best part, condos bring you the opportunity to live close to all the amenities you’d expect in a city. And yes, if you search a little, who knows you might end up buying a condo near the work itself and that would take away a lot of your hassles for sure.

Obviously perks are plenty when you buy a condo, but you will have to compromise a bit on other aspects as well. So, before moving ahead with the purchase, it’d be better if you sought help of a broker, understood all the pros and cons of a condo and then took the call.

What is a Condo?

A condo (or condominium) is a single unit that is developed to cater those individuals who are interested in owning a small house in the city. Although these types of structures are built to be owned privately, they are often a part of a big shared complex meant for eco-living. The complexes where condos exist have shared amenities and the owners need to pay a fixed monthly fee to enjoy everything there. So, with a condo, a buyer can expect a lot of things such as a gym, swimming pool, playing area, tennis court, security staff and admin.

Key things to consider before buying a condo

Buying a condo or newly developed condo is indeed a smart property investment decision when you search something that matches your lifestyle choice on a low budget. Although you will get to enjoy world-class modern amenities and have to handle fewer responsibilities compared to a house, there may still be a few things more you need to know before buying a condo.

Here are the key things –

1. Check the location of the property

Location will always be the most important element when you decide to buy a condo. In fact, it’s the location that often determines most things, such as the resale value of the property, the kind of view you get, the kind of life you get to enjoy etc. So, if the location is not favourable, which means, if the locality where you plan a buy the condo is away from the glitz and glamour of the city or if it lacks the city-type facilities, everything else too might suffer then. For that reason, you should always check the location before planning a purchase.

2. Determine the quality of the building

Condos often come in all flavours. While some will be in good condition, chances are you might come across a few that may look attraction at first but can be cheap when you do a close inspection. It’s therefore vital for you to find out the age of the building because who knows the one where you’re planning a purchase might be due for big repairs soon. You should also check whether other things are holding up fine like the plumbing things, roofing, wires and all those.

3. Analyze all the amenities you’re promised

Most condos come with a host of amenities to ensure quality life to the occupants. While there is nothing wrong in living in a complex that is laced with virtually all facilities one needs, the downside is that nothing comes cheap. And with more amenities, you will certainly be paying up more fees. But yes, make sure the condo has a fully-equipped gym, a spanking pool, ample of play spaces, guest suites, kids’ play area etc. Apart from checking the availability of all the amenities, you should also consider the fees for enjoying them.

4. Know the condo board rules

Living in a condo means living with some kind of restrictions that are otherwise no existent with a single-family house ownership. As a condo owner, you will be required to abide by certain rules and terms so that a peaceful living ambiance is created. Among the restrictions, some key ones that stand out the most include– subletting rules, parking rules, rules regarding the dog ownership and then one regarding how owners should behave in and around the complex.

5. Review the various fees and finances

A condo living may appear affordable from the outside but a close analysis of things can reveal the otherwise. As an owner, you should brace yourself for certain fees and there will be finances involved as well. For example, every owner must have to pay a monthly condo fees to cover the security, admin and maintenance. Sometimes, there will be a special assessment fee too that an owner must pay to cover emergency repair or renovation.

Final Thoughts

Buying a property for sale like a condo is a smart real estate decision when you don’t have budget for a big house. You can add more value to a condo living when you seek inside information from a broker and then take the final call.

FRENCH TAGS: Condo à vendre | Condos neufs à vendre