5 Important Factors to Consider When Buying Condo
Oky! You decided to buy/invest in Condominium! That’s great a news.
Condos are typically more affordable than houses and are often available in urban locations. Here are five factors to consider when buying a condo.
1) Location! Location! and Location!
Expert says the most important rules in real estate are: “location, location, location.” You most likely won’t live in your condo forever or either downgrade or upgrade your condo depending your needs, so you’ll want to think about long-term resale value of the condo. Is the neighborhood is good? Is the commute is easy? Is the view from your balcony or from condo is nice? etc..
Amenities are those extras that people love so much. Examples of amenities include a gym, party room, swimming pool, concierge, guest suites and visitor parking. Consider the building’s amenities and whether you’ll make good use of them. Generally speaking, the more amenities, the higher the condo fees, so take that into consideration, too.
3) Condominium Rules
Condo living doesn’t generally come with the same freedom as house ownership does. Condos tend to have restrictions on residents. Pet restrictions are common. For instance, you may only be allowed a smaller dog, or dogs could be banned altogether. You might also not be permitted to renovate without permission. Make sure you find out about these rules in advanced.
4) Reserve Funds for Condominium Corporation
To avoid the risk of your condo fees to increased, it’s important to make sure there’s sufficient money in the reserve fund. The reserve fund is used to pay for capital expenses, such as repairs to amenities, repaving the parking lot and repairing the roof. Your real estate lawyer should review the status certificate to make sure the reserve fund is well managed.
As a final pointer, remember that size matters when you’re buying a condo. Find out the square footage and make sure the furniture at your existing place will fit in your new condo. This is especially important if you’re buying pre-construction condo. So it’s very important that you looked the size of the condo and plan accordingly.