9 Things to Look for When Buying a CondoMarch 11, 2019
Whether you’re a first-time condo buyer or a third-time buyer, never underestimate your ability to forget about some important aspects you should’ve considered before finalizing your purchase. Buying the right condo is all about doing extensive first-hand and secondary research to determine what’s best for you, and to avoid any troubles that may come along in the future. You don’t want to be upset once you move into your new home and experience something you were hoping to avoid. Below are some things to be aware of when going on a quest for a new condo!
A common myth that shoppers often believe is that the more amenities a condo has, the higher the monthly fees will be. This isn’t always true. Larger buildings with amenities such as gyms, pools, spas, and rooftop decks are often able to spread the costs more evenly because of the higher population of tenants. So, if you’re thinking of settling for a smaller, mid-rise building or a trendy boutique condo, then think again. These developments often have fees that are just as high or even higher, without providing you with as many amenities. Do your research!
Get to Know the Neighbourhood
The neighbourhood determines what type of lifestyle you want to live. Think of the places you most frequently visit and ensure that those are located close by. When finding the right condo, your top priority should be convenience. Before you make your final purchase, investigate what’s going on in the area surrounding the condo. If there are new developments, find out if they will block the view you loved so much. Sometimes, new condominiums in the pre-construction phase seem like they’re a great price until your view is blocked and you don’t end up receiving the natural light you desire. The view outside your window is important, not only for you, but also when considering resale value.
Purchase a condo in a location surrounded by efficient public transit, emergency services, local amenities, reputable schools and parks to ensure the best quality of life for yourself and an even better resale value.
Determine the Demographic
Find out what demographic purchases condos in specific buildings. For instance, if you’re an older couple looking to downsize from a large home to a condo, or you have a family with children, you may want to think twice about what kinds of guests will be in the building. Avoid being stuck in a building with young adults and students who enjoy a party-atmosphere. This will have the potential to disrupt you and leave you unhappy with your living conditions.
Almost all condominiums provide a variety of floor plans and layouts for buyers to choose from. Each layout varies in desirability. See which one has the best price for what you’re looking for. Don’t settle – make sure that you take a good look at everything you can before making the final decision. If the floor plan you desire is a little more expensive, try not to hesitate to purchase it. Sometimes, a better floor plan makes a big difference to how happy you are with your home. When looking for the right layout, try to ensure that all the bedrooms have windows. A bedroom is always better with an abundance of natural light.
Take a look at the condominiums restrictions around renovations, décor and pets. These rules are strict so you’ll have to be okay with the limitations prior to moving into your home. Avoid unnecessary frustration.
Quality of Schools
Typically, condos surrounded by quality schools will drive the price higher. For buyers with children, or buyers looking to have children in the future, its better to buy a condo in a good school district. If your purchase is heavily based on the school district, make sure that your condo address qualifies your child to attend these schools. Sometimes, they won’t qualify due to several factors such as low annual property tax.
Older condos typically seem less expensive at first, however, this happens sometimes in order to offset the fact that the maintenance fees are exceptionally high. Condos with high maintenance fees will be harder to resell later on, so double check these before you settle.
Energy-efficient condos are essential in helping the environment and saving a lot of money. Lower your utility bills by ensuring that the condos are built with a focus on energy-efficiency. Some features you should look for include: LED light bulbs and equipment, energy efficient heaters, time sensors on lights, the use of solar panels and energy-efficient windows that prevent warmth from escaping in the winter and preserve cool temperatures in the summer.
The team at Vondos consists of experts who understand your needs and can easily point out red flags that will trouble you down the road. Vondos wants to help you make the best decision possible when buying your condo. Contact us to get VIP access to the best condos in Vaughan!