If you’re like most people, one of your life goals is to have a home you can call your own. After working for several years and saving up enough money, you may now be ready to finally make that dream come true. One great property investment option is a condominium unit. Since this is a significant investment, you must do some research, think hard about what you want, and decide based on what you need. You can take advice from experts like Louie Santaguida, President and CEO of Stanton Rennaisance a condo development company based in Toronto, Canada.
What should you be looking for in a condominium? There are many factors that you need to consider aside from the size of the property and price. It is crucial to be aware of even the little things because once you have finalized the purchase, you can no longer back out.
- Know what is included with your purchase. Does the price include a parking spot or do you have to purchase or rent a separate one? Is the parking spot in a covered garage or in open air? If you have visitors, can they be provided with parking spots too? These are some questions that are crucial if you have a car and if you are expecting family members and friends to visit you often.
- Ask about the association fees and what they include. Association fees are common in condominium buildings and they are usually used to cover expenses such as insurance and maintenance. Sometimes, association fees may also include water and sewer services, road maintenance, and trash pickup. Depending on the amenities offered by the condo community, association fees may also cover pools, tennis courts, basketball courts, or a clubhouse.
- Review the rules and regulations before anything else. For instance, there are some condos which allow only certain types of pets or even none at all. If you are an animal lover and you have a beloved pet, then this is a deal-breaker. You might also want to check if there are quiet hours, and if you are allowed to rent out your unit to others.
- Spend time hanging out in the condo lobby or in any area where you can observe the residents coming in and out of the building. This can help if you want to know what your neighbors are going to be like.
- While you’re on the premises, take a good look around and observe the cleanliness as well as the upkeep of the place. Are there enough trash cans or garbage bins for waste disposal? Is there a smoking area or is it totally prohibited? Are the common areas clean and well-maintained? These are important considerations because you need to know whether your future community can manage well and maintain the property.
Buying your first condominium unit can be exciting, but make sure that everything is well-thought out before finalizing your decision.