Key Tips for Buying Condos

Tuesday Mar 12th, 2019

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WHAT IS A CONDO?

A condominium, often shortened to condo, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate. The condominium building structure is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. While Condos are normally part of a larger building – detached condominiums also exist What all condos have in common is that they share common areas—such as yards, garages, rec rooms, swimming pools, or gyms—with other units that the condo owners don't have to maintain themselves, making home upkeep that much easier.

 

KEY TIPS FOR BUYING CONDOS

  • Neighborhood / Area : Before taking the final decision – check into the neighborhood- both for its convenience to your needs like  locations close to schools, universities, corporate buildings, transit accessibility, etc daily activities, as well as for assessments / other factors over the near to middle term. {A special assessment is typically a one-time fee that will cover a significant expenditure needed in the neighborhood}. For people looking to buy for own use, you will need to balance the needs list with the budget, something we take up later in the article

  • Amenities : This is among the most critical differentiators while taking the call; what are the amenities – planned as well as existing? What is their condition? A comparison of these among various condo options can be a strong factor in the purchase decision

  • Association Rules : A condo is subject to its association rules; hence, it is recommended that you familiarize yourself with the same, and ensure they are acceptable to you

  • Maintenance Costs : These are the monthly fees paid to the association for the upkeep of the common areas; this is a parameter that needs to be factored in. Before making a decision- check the condition of the building if old, check whether any facilities are due to be added to common areas, reserve funds for exigencies, is it professionally managedetc ? It would be great if you can be allowed access to the minutes of the recent meetings. In other words, just check to see if the fees being asked for are justified and stable over a period of time. And, last of all – who fixes what, just so you have clarity in case of breakdowns or random housework?

  • Storey/ Building Style : A high- or mid- rise building will have greater amenities, whereas a converted condo building { originally built as rental units and at some point, they were purchased, converted and registered as condominium units and then sold off one at a time} –will have lesser amenities, like for example it may not have a lift. Parking will be another factor in this – though this needs to be specifically checked as a key point, be it a high, mid rise or any other type of condo

  • View : Next, we come to the view : check the view you get from your unit – and, if multiple options are available in the same building – check them out, and choose one which has the view that suits you the best!

  • Price : And lastly, we come to the key aspect - the $! This depends on the location, the amenities provided, and the specific building as well; if you are a buying for own use, remember to compare the price with the area average, as well as the amenities provided, and take a call basis these aspects. For example,  preconstruction Condos are commanding a an average price  of 950$ to 1000$ per square foot in downtown Toronto. 


Are you looking for a luxurious waterfront condo? Want to live in the desirable Mimico neighbhood? Looking for great returns on your real estate investment?

Visit our website Eau Du Soleil for more details.


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