Real Estate

Ask These 5 Questions before Buying A Condo

As such, condo’s can be really beautiful. However, they come with different challenges as compared to a house. Therefore, you need to ask these five questions before you purchase a condo.

Often while looking for desirable locations for Luxury MTL people tend to look for the following:

  • Minimal maintenance
  • Smaller price tags as compared to single-family homes

That is why most young homebuyers will find condos attractive, but even living in condo may pose few unique challenges. Therefore, you need to ask following questions to ensure condo living will be right choice for you.

  1. Are condo fees really worth it?

If you live in condos then even your individually-owned units will be sharing common walls, driveways and landscaping. In order to maintain these common areas, all condo owners have to pay certain monthly fees meant for various emergencies and routine maintenance.

These fees can be few hundred dollars that may eat your budget. In spite of that, for certain bathroom problems you may have to pay for plumbers.

  1. Can you afford assessment?

Also, condo associations will assess separate fees meant for certain unexpected expenses too.

Though by paying few hundred dollars will not eat away your entire budget, however while buying, it is worth considering and be prepared for increasing fees required for condo.

  1. Can you follow all the rules?

All condo association will have their own set of rules. While few associations’ rules will provide you lots of liberties but few other associations’ rules may be little more restrictive which may be too bizarre?

Few associations may also sue, in case you violate the rules and your neighbors can also make your life too miserable without involving any lawyers involved.

So before buying a condo get familiarized with the condo rules.

  1. Does condo fit with your lifestyle?

People who are singles or just a newly married couple, can find condos their ideal homes as they mostly remain busy in their work and spend very little time in their condos.

People who prefer a private yard, or want to host very big gatherings may not find condo lifestyle quite comfortable for them.

Therefore, think about your present lifestyle and also after few years then decide whether condo is a right option for you or not.

  1. Is condo your right investment?

Before you decide to buy the condo, you must properly analyze whether it will be right investment for you. Remember its appreciation will not be as fast as an individual home.

Author Since: Mar 17, 2019

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