Condo living is more desirable now than ever before. Condos are considerably more affordable than houses, especially for first-time buyers, and there’s the added luxury of being so close to amenities and having everything at your convenience. But, the decision to buy an condo shouldn’t be taken lightly. Condos do come with special considerations that generally don’t apply to houses, so here are a few things to consider before buying an condo so you’re clued in on the key facts before you sign on the dotted line.
In addition to the cost of the condo, you’ll also be required to pay monthly condo fees. This expense helps to cover the cost of maintenance of shared areas, the reserve fund (which is a fund for significant building repairs), trash, utilities, and a master insurance policy. The condo fee will differ depending on the size of the building and age, and the amount may rise and fall over the years depending on how much maintenance work needs doing.
An older building may mean more maintenance work or issues, which you may have to pay for. Before you buy a condo, get a building inspector to examine the property and check for any potential issues that could arise in the future. This applies more for buildings that were built in the 1980’s or 90’s, as leaky roofs and windows are fairly common due to the age. Newer buildings may have better facilities, such as a fitness centre, pool and lounge area, so it’s worth checking out what else is included in the building before you go ahead and buy.
Many condos come with an allocated parking spot, but others might not as there may be a limited number of spots available. If you own a vehicle or want the convenience of having a parking space, it’s important to check whether this is included in the sale. If the unit doesn’t come with a space, you may want to research alternative parking spots before you make an offer.
It’s important to consider who your neighbours are and the area surrounding your condo. If there are bars in close proximity to your building, it may get pretty loud at night, especially on weekends. Even if you live on a higher floor, sound travels far, especially if you keep your windows open. You should also consider whether there are any building development plans for the immediate area. The last thing you want is to invest money into a condo with a nice view, only to realize months later that a building site will appear right in front of your window.
Consider these key points before buying a condo so you know exactly what you’re signing up for. If you’d like any professional advice before investing in a property, I’m happy to answer any questions you may have to help you to find a property that suits you best. Get in touch today!
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