Considerations When Buying a Condo

Considerations When Buying a Condo

Condos are becoming more and more popular for all types of home owner from the young family to the urban professional. As housing prices in urban centres continue to grow, condos offer a more affordable option for the first-time buyer or those looking for low-maintenance, convenient living arrangements. As the condo lifestyle becomes more commonplace, it's important for buyers to carefully consider their purchase. From price and location to available amenities and other fees, there are many factors that will influence your decision to buy a condo.

Price

Obviously, you'll have a budget, and fortunately you're likely to find a condo that fits your budget. Nevertheless, many factors can affect the price of a condo from where it's located, to its age, and in-suite features. If you're sold on a particular area but most of the condos are out of your price range, you can still consider a fixer-upper or something a little older.

Location

You know what they say about real estate - location, location, location. Whether you're purchasing a property as an investment or as your primary home, its location will not only impact its current price but the future appreciation of the condo. Still, your own needs should be the main consideration when picking a location. If you have children, you'll want to live near schools; if you are a young, urban professional, you might want a city condo with access to restaurants, shopping, and nightlife. You should take some time investigating the neighbourhood and the amenities and facilities that are available to you before you decide to purchase.

Neighbours

Neighbours can make or break your condo living experience. If you have loud upstairs neighbours, you may suffer sleepless nights; or if you live in a condo where the building is predominantly seniors you might find that you're the noisy upstairs neighbour. Either way, you should choose a building with occupants that are in a similar age group so that you know you have similar lifestyles.

Strata Fees

Most condos will also have strata fees which are used for general maintenance of the building and facilities. As strata fees can vary widely, you'll want to inquire before you purchase a condo as this can have a significant impact on your budget. You should also consider what kinds of amenities you'll get with your strata fees. Some buildings offer private gyms, swimming pools, hot tubs, tennis or other sports courts as well as laundry facilities.

At the end of the day, you want to consider your own personal needs, including your budget, and decide whether the condo can accommodate your needs. Purchasing a new home is a big decision, so you want to make sure that you find a condo where you can be comfortable for the long term.

Article Source: EzineArticles.com