Tips For Buying a Condo

Tip For Buying a Condo

Our Ottawa Condo Real Estate Agent Gives Tips For Buying a Condo

Nowadays many people are having preference for condos than private homes. The buying cost and maintenance cost of Condos is much lesser than the private homes. If you are planning to buy a condo here are some tips for buying a condo to consider:

Budget

Every real estate transaction involves a lot of money. With time, property prices have increased rapidly. Therefore, it’s vital to fix a budget and search accordingly. Price of condominiums depends on multiple factors. Buying an overpriced apartment is not a smart investment.

Location

One needs to give significant importance to location. Purchasing an apartment far away from the main city causes a lot of problems in the future. One must thoroughly check the site before finalizing the deal. Buyers must consider proximity to hospitals, offices and other emergency services. They must give proper attention towards safety of the place.

Know the Complex Rules

With so many people living together, condo buildings have certain rules. Purchasers must know the rules and see if they are comfortable with it. A management comprising of members of the complex formulates the rules and regulations. There are rules on shared spaces and pets. Before moving in, one must ensure they are comfortable with the rules.

Enquire About Fees

In most complexes, associations levy fees for common expenses. Buyers must inquire about the expenses and know what exactly they are paying for. A well-run complex sets aside some money for carrying out structural repairs. One shouldn’t move into a condo where there is no association. It’s important for occupants to know how their money is being utilized.

Get Information About Maintenance

Before buying a condo, one must get complete information about the person responsible for maintenance. Normally, others do maintenance. However, sometimes owners need to pitch in. A complex without proper maintenance is aggravating to live. It also decreases its resale value.

Proper Inspection

Inspection is an important aspect that buyers must not ignore. One must properly inspect the complex and find out if there are any loopholes. It’s a good idea to take a surveyor during inspection. Surveyors will notice faults, which buyers may miss otherwise.

Contact Joanne Martin at Condo Curious for your condo search!