Have you decided to purchase a condo unit In Canada? If yes, you are on track. There has been high demand and an increase in the price of these units over the past few decades. This condo real estate market has attracted many investors some who are from outside Canada. These units are cheaper than single-family homes. They are available in all the major cities in Canada. Individuals who are suited for condos lifestyle should consider specific factors. Outlined here below are the main factors that every buyer needs to consider before purchasing a condo.
Location
The place where the condo units are located is very important. Remember that you might live in your unit forever. It is therefore important to consider the long-term resale value. How is the neighbourhood? Planned developments can help in increasing the value of your property. The view or a condo unit should also be considered. Check if there are other developments might block your pristine view.
Condo Rules
Living in a condo might not guarantee you the freedom that you can enjoy in a single family home. Some of these units have certain restrictions on residents. For instance, some of them have pet restrictions. Dogs and small other pets might be banned altogether. In some areas, you might not be allowed to renovate your unit without permission. Homeowners should be versed with these rules to make sure they aren’t caught off guard.
Size
The size of the condo unit matters a lot. All your items including furniture should fit in the unit chosen. This means that buyers should step into the potential units before purchasing pre-construction condos. Otherwise, you might end up buying a condo in which your furniture cannot fit. Upgrading to a large unit later might cost you a lot of money. This is something that should not be allowed to happen.
Amenities
This is another factor that needs to be put into consideration. Amenities are the extras which are loved by people. They include swimming pools, guest suites, visitor parking, party rooms, a gym, and a concierge. The building’s amenities should always be considered. Also, find out if you will be making use of them. Remember that condos that have more amenities have high maintenance fees.
Reserve Funds
Buyers should have enough money in their reserve fund. This will make sure that they are protected against the skyrocketing condo fees. This money can be used for paying capital expenses like roof repair, and repaving of parking lots.