Buying a condo is one of the biggest commitments you’ll ever make in life. If you make the right choice, you’ll have a home that fits your lifestyle, embraces convenience and boasts amenities that make your life easier. You’ll also have a solid investment that will pay you back in years to come.
But it’s crucial to do your homework before deciding on which condo suits you best. Here are some factors to consider before you settle on your home “suite” home.
Location, Location, Location! Find a neighbourhood that offers the characteristics that you most value. Nature buff? Look for parks, walking trails and other outdoor activities. Workaholic? Shorten your days by finding a development within walking distance from the office. Parent? Look for schools, stores and other amenities that cater to your little ones.
Structure. How many bedrooms do you need? Do you want one-storey unit or two? Do you prefer a 30th floor panoramic vista of the city or do heights make you queasy? Questions like these will lead you to the type of structure that most appeals to you. There are a variety of buildings out there – from lofts to town homes to traditional condominiums – find out what type of dwelling fits you the best.
Price. The sticking point in virtually every condo search is price. How much can you reasonably afford? Figure out how much of a down payment you can make and how much mortgage you’re able to carry and factor these numbers into all the other loans and expenses that are part of your life. Don’t forget to thoroughly research all condo fees and property taxes that apply to the units you are considering. These costs can be substantial.
Lifestyle. Consider the type of life you lead and hobbies you have and whether they mesh with the building you’re considering. If you have pets, you’ll have to find out if pets are allowed. If you’re a gardener, is there ample space on a terrace or balcony for you to tend some plants? If you’re a rocker, find out if the walls and floors can withstand the vibrations from loud music.
Neighbours. If you’re serious about a particular unit, dig a little deeper into how the building is run. Take a look at the minutes of the condo association board meetings to find out what the owners have been griping about. Anything you can’t live with? Find out the delinquency rates of present owners – if people aren’t paying their dues on time, it’s a sign of discontent or that the association might be underfunded.Taking a good hard look at your own lifestyle and all of the features of the buildings you visit will help you make an informed decision – usually the right one.
This entry was posted
on Monday, March 17th, 2008 at 8:59 am and is filed under Buying and Selling Advice.
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