Buying a condo can be very exciting, especially when it is your first venture. A lot of people are attracted by the allure of condos because of their low maintenance cost and the living arrangements they offer. They are also a great option for young couples without kids who don’t necessarily need the extra space. But, before you find the perfect condo, there are a few things you have to take into consideration. Here are five tips for finding the perfect condo.
Understand the Correlation between Condo Fees and Amenities
In many cases, condo fees are lower when there are fewer amenities, but this isn’t always the case. There are some condos with more amenities that offer much lower fees. This can be for a variety of reasons. Sometimes it’s due to location, but in other cases, it might be simply because some condos are grossly overpriced. Take the time to shop and find the best amenity to condo fees ratio in the area.
Know the Demographic
Before you move in, it’s essential that you know which type of people you’ll be living with. What kind of lifestyle are you aiming for. If you’re a couple in their fifties looking for a quiet spot in the city and are looking to downsize and live the condo lifestyle, then a building with young professionals might not be the best fit for you.
Check the Location
Location is important when choosing any type of property, not just a condo. Don’t only consider the market, but logistics as well. How far are schools, your work, convenience stores, etc. How far is the condo from a major train station? How long will it take before you can get to the city? These are all crucial questions to ask before you choose any space.
Know the Building’s Reputation
This is where you do a bit of detective work. If you’re buying a brand new condo, make sure you do your homework on the developer. Are they under litigation at the moment? How long have they been in business? What’s their reputation with former tenants? Are they known for offering shady terms? These are all important things to look for if you’re buying a new unit.
You should also check the level of desirability of the building. The desirability of the building will have a direct influence on how easily and for how much you’ll be able to resell the unit. If units in your building take longer than usual to sell, or if they sell way under market value, try to find out why.
Finding the condo of your dreams is feasible if you know how to go about it. Make sure that you understand how fees work and try to get the best deal possible. Also make sure that you choose a unit in a building that fits your demographic. Check the location and make sure that it is close to all the amenities. And last, but not least, make sure that the building has a solid reputation and gauge the market to see how desirable its units are.