At some point in our lives, we are bound to move out of our parent’s house. It could be we want to be independent or get married.
Mostly like, you will need a place to live and start a new year. Many people choose to live in a freestanding home, but others prefer living in a condo. If you choose to live in a condo, it is important to understand that it is not the same as living in a house. You will be dwelling in a place with adjoining walls with your neighbours.
While condo living is not for everyone, we cannot just ignore that most condos are near shopping establishments and city landmarks.
Here are some essential points to consider that will help you decide if condo living is ideal for you.
Location
When it comes to buying real estate, there are 3 critical rules to keep in mind: location, location, and location. Since it is unlike living in a condo forever, the best thing you want to consider is its long-term resale value.
Is your condo located in an upswing neighbourhood? Are there potential developments planned that can help boost the value of your property?
Aside from the location, the view is an important factor to consider, too.
Amenities
When buying a condo, you must also consider if you can make good use of the building’s amenities, such as the gym, swimming pool, party room, guest suites, concierge, and visitor parking. However, the more amenities the condo offer, the higher the fees.
Condo Rules
Condo is a sort of shared property governed by a set of rules and regulations. Before you decide that condo living is indeed for you, make sure you understand its set of restrictions to ensure you perfectly fit in harmoniously with the community. If you have pets, check in with its list of restrictions, as well as learn its policy about having visitors and more.
Budget
Knowing how much you can afford can provide you with an overview of the type of property you need to look into. This will help you narrow down your options and determine how much home loan you will need. In addition to the price of the condominium unit, check how much the parking space and other necessities cost. Also, you will need a budget plan to buy condo furniture in Toronto.
Developer
Take time to research the developer of the condo establishment and their reputation. Do not just rely on the information provided by the agent or real estate broker. Most often, they may not be reliable sources since they intend to make a sale. You can also check forums or speak with residents directly.
The Broker
Unless you know and trust a low commission real estate Oshawa broker, remember that they will convince you to buy a unit to earn a commission. So, do not be surprised when the attention you receive from the broker starts to dwindle down after purchasing. Equip yourself with all the necessary info you want and need from the broker before they move on to their next client.
Unit Size
When purchasing a condo unit, make sure it has enough space to accommodate the number of occupants and all your belongings to ensure functional comfort. Even for single occupants, it is important to choose a one-bedroom condo unit over a studio type. Most condo units with an actual bedroom bear more value than studio types. If you have too many unused belongings and need a place where you can store them safely, consider renting one of the storage facilities in North York.
Environment
The overall environment of a condo unit has a direct impact on its price, so make sure to take plenty of time before purchasing. In addition to learning about the competence of property management, consider other important factors, such as cleanliness with pest control from trusted Pro Pest professionals, general population, pollution, noise, and waste segregation of the building and community.