7 Things to Consider Before and After Buying a Condo
A Condo is typically a shared piece of property with individual owners of each unit or condo. Condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.
People often opt to purchase condos because it requires less maintenance, fewer responsibilities versus a home, and also the lifestyle of living in a condominium community.
It’s very important to ask yourself before buying your first condo. Should I buy a Condo? Owning a Condo is much different than owning a single-family residence.
Weighing the pros and cons is a must. Investing in real estate can seem like an overwhelming venture. Is investing in Condo or buying a Condo right for you? That’s a decision only you can make.
We have rounded up for you a few important things for you to consider before and after buying a Condo that will help you to be better informed.
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The Location
Almost all condominiums are ideally located since no reputable developer would place their projects just anywhere. But it is important to follow the three most important rules in real estate are location, location, and location.
Likely you won’t live in your condo forever, so you’ll want to think about long-term resale value. What you would have to take into consideration is how the location matters to you and your family.
Is it near your place of work, school, or market? Is it close to the places you commonly need to go? These factors related to the location are one of the first things you need to be aware of before investing in a condo.
The Rules
Since a condominium is a shared property of sorts, and that it is covered or governed by a deed of restrictions, it is important to understand the rules of your prospective condominium to ensure your lifestyle fits in nicely with the community.
For instance, you need to be aware if pets are allowed or being aware of the policy regarding visitors and more. Make sure you find out about these rules ahead of time so you are not caught off guard.
It is important to review all of the association’s guidelines before you buy a condo to find out if you can live by their rules.
Whether a Condo is a Right Fit
One major difference between a Condo and a single-family residence is the proximity to your neighbors.
Can you envision yourself living that close to your neighbor?
Are you comfortable with it? An important consideration in determining whether a Condo is the right fit also relates to the maintenance that is usually included in the association fees.
If you are a person who enjoys cutting the grass, planting your flowers, then likely a Condo is not going to be the right fit.
Amenities
Living in shared spaces offers various amenities for everybody’s use.
Gym, party room, swimming pools, concierge, guest suites, visitor parking are examples of amenities.
Consider the building’s amenities, and if you will make good use of them while you are on the lookout to buy a condo.
The more amenities, the higher the Condo fees, so consider that too.
If you are in the Etobicoke region in Toronto and looking for a good condo, then 25 Mabelle Avenue condos should attract your interest.
Also, it’ll be good if you check out the current condo fees in Toronto.
Reserve Fund
The Reserve fund is used to pay for capital expenses, such as repair work of amenities, repaving the parking lot, and repairing the roof.
The more important question to ask before buying a condo is whether the reserve fund is adequately funded.
This helps to avoid the risk of your condo fees skyrocketing.
It is important to make sure that there is sufficient money in the reserve fund.
This is where you should enlist experts (real estate agents and lawyers who specialize in Condominium properties) and seek their advice in helping to make your decision.
Size
Remember, size matters when you’re buying a Condo.
Find out the dimensions of the condo and make sure the furniture at your existing place will fit in your new Condo.
This is especially important if you can’t step inside the unit.
It is important to recognize that the size of the unit you choose should be proportionate to the number of occupants to ensure functional comfort and adequate room for your belongings.
Even when you are living alone, try to opt for at least a one-bedroom unit over a studio, since your investment will bear more value if it still has an actual bedroom.
Obtain professional advice
Investing in real estate is one of the largest purchases most people will ever make.
Protect yourself by ensuring you are fully informed of all relevant facts before the purchase, including obtaining a status certificate and having it reviewed in depth by a lawyer.
It is also important to find the right agent with a good experience who will help you to choose the right place for you.
Purchasing the right condo can be an anxious, stressful, and at times confusing process.
However, the above considerations can make your flight of purchasing a Condo into a relatively smooth, happy, and comfortable one.
Taking note of the above-mentioned considerations will ensure that you indeed get your money’s worth.
