When you are looking into the right property to buy you need to make sure that you are making the right choice. Condos are no different. You need to be certain that you are looking at a condo that is in the right place, with the perfect amenities and most importantly, the right price tag.
There are some practical concerns as well as some emotional ones but it is important that you have thought of everything before you commit to purchasing your condo.
1. Take a long look at your budget
One of the golden rules of investing in property is to not overextend your buying power. You need to consider all of the financial commitments that you are getting yourself into. These include everything from your monthly condo fees, utility bills, property taxes, parking, and many more. You should always leave some wiggle room in your budget to avoid any problems in the long run.
2. Learn as much as you can about the location
You may think after a cursory walk through the area that you have a good feeling about the area. One thing that you should be mindful of is that the area may not always have the same vibe throughout the evening or even as the seasons change. It is ideal if you are able to speak to local residents to get a feel for the building and the people who live in it.
This is not always possible so you should start to conduct your research online. You can find out a great deal about an area by searching the building name and the local places of business to see if there have been any new stories published recently.
3. Know who the developer is
You need to get an idea of who the developer is and if they have a good reputation for not only making buildings that look good post construction but many years after the fact. After all, it is the developer that is the one who is in charge of making all of the decisions around the materials used, the maintenance schedule and much more.
4. Ask questions about the security of the condo
You will want to feel secure in your home and the ways that different condo buildings manage security vary a great deal. You will no doubt have seen condo buildings that have 24-hour concierges and a large battery of security cameras.
5. Ask about the condo rules
Condo buildings all have there own unique set of rules that all owners and residents must follow to the letter. This can often cause a great deal of annoyance for those who bought a condo thinking that they would be able to BBQ on their balcony throughout the summer only to find that it is against the rules. Knowing the condo rules up front will help to avoid any surprises along the way.
6. Get a look at the view
When you buy a condo, buying it for the view alone might not be the best idea. After all, they might be building a condo in the lot next door to yours in the next few years and you can kiss that great view goodbye. It is always a good idea to get a feel for who owns the land around your condo if any projects are pending or better still if there is any reason why the property cannot be built within your view.
Not all local developments are bad. In fact, if you do your research and find that there is going to be a significant investment in the area such as entertainment buildings, or public transit then this could be an indication that the purchase of this condo is a good investment.