Buying a condo can be a great investment, especially in up and coming neighbourhoods or cities. Whether you’re buying a condo as your first property or downsizing to one, there are a lot of advantages to purchasing a condo. However, they are not for everybody and it’s important you think clearly about your future before you buy them. Here are 4 tips to buy a condo that is right for you.
#1 Think About Your Future Lifestyle
Living in a house and living in a condo are two very different lifestyles. If you are used to living in a very spacious house, you might have a rude awakening when you move into a condo. That being said if you hate the maintenance side of a house, then a condo would be perfect for you. There is no lawn to mow, snow to shovel or flower beds to de-weed.
You will also need to think about how you would feel sharing walls and a ceiling with strangers. If you are a light sleeper or enjoy peace and quiet, you will need to consider how you can modify your life.
#2 Consider The Amenities You’d Like
One of the major bonuses of moving into condos is the on-site amenities. Different condos can provide a range of amenities like pools, party rooms, visitor parking, outdoor barbeques, community gardens and gyms. If there are any amenities you are very keen on having made a list. That way when you start looking you can limit your search to properties that have the amenities you’d like.
#3 Work With An Agent Who Knows About Condos
In order to find a property that has all the bells and whistles, you need to work with a real estate agent who knows about condos. An agent who is knowledgeable about buying condos and has experiences reviewing condo association documents. Your agent should also be aware of the current condo market as well as any new construction plans in the area that might obstruct your views.
#4 Research The Property
Condos are usually run by a property management company. It’s important that you research the company that will be in charge of maintaining the condo and amenities. You do not want to pay condo fees to an organization that lets the building fall into disarray. Speaking of condo fees, you will need to review the association fees and regulations of each unit you look at. Each condo has its own set of rules like if you can have pets, how many guests you can stay over or if there are any noise restrictions. If these rules interfere with your ideal lifestyle you should take note.
Condos can be a great investment opportunity and perfect for certain lifestyles. When looking at condos to buy you should also look at what is nearby. Is your condo near grocery stores, public transportation, your favourite restaurants or your family? These are just more things to consider when looking. If you need any help finding a condo that suits your needs, please contact us today.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can do for you!