There is no doubt that the real estate market in Canada is booming. This is the main reason why more condominium towers are being built in different cities such as Toronto. The price of houses is rising every year. Owning a condo is one of the worthy investments that you can make. This article is going to discuss some of the important things that you need to know before purchasing a condo.
Picking the right location is very important. Knowing the neighbourhoods of the city can help you in choosing a suitable location. The area where the condo is located will always have a direct impact on the cost. Lifestyle implications should also be considered. Get to know how far is the place is from the markets, stores and transit options. Does the area have schools?
Knowing the residents
Once you have considered the surrounding neighbourhood, it is imperative to know your immediate neighbours. Of course, condos are known for being appealing to the young buyers who are venturing into the real estate or housing market. There is a large market for these structures throughout the city. Apart from the sense of comfort and ease, the potential resale value of a property is also influenced by the resident demographics.
Apart from the occupancy fees, condo owners are also expected to pay the monthly fees associated with condo buildings as well as its service and maintenance. It is important to know how these charges are calculated or determined. Also, get to know the operating costs and services that have been included.
Some of the maintenance costs incurred include the upkeep of facilities such as party-rooms, cleaning, garden, swimming pools, and fitness as well as concierge services. Some of these costs might end up increasing the cost of the condo in the coming years. It is also important to inquire whether the utility will be included in the fees.
Insurance and repairs
In the modern days, people are getting concerned about the sustainability and quality of the condo towers which are mushrooming in the different cities in Canada. Some of them are mainly made of glass, and they have floor-to-ceiling windows. It is imperative to know whether the maintenance and repair of these units are supposed to be done by the condo corporation or by the buyer. Knowing about the standard insurance cover for the corporation is also important.