If you are a first-time condo buyer, there are certain considerations you need to make before you make your purchase. It is important to understand that each condo community is different. Every community has different rules, management companies, association fees, and amenities too. Therefore, your choice of a condo community should be based on your individual needs. Here are tips that can help you when buying your first condo.
1. The Condo Needs to Be A Right Fit
Before you invest in a condo, you need to determine whether it is really a right fit for you. You need to be comfortable with having neighbors. Some condos comprise of multiple attached houses as opposed to having your own free-standing residence. If you prefer living in your own space, you may not enjoy living in a condo.
2. Get A Real Estate Agent
As a first-time condo buyer, you probably won’t know much about the condo market. Hire a real estate agent with condo knowledge and expertise to improve your chances of getting a good deal. You will be required to sign a contract to seal the deal. A qualified real estate agent can explain the details of the contract for easier understanding. The agent can also tell whether you’re getting a good deal or not.
3. Understand the Association Fees
As stated earlier, you will be required to pay association fees. These fees are paid annually, semi-annually, quarterly, or monthly. You need to understand what this fee covers in your community of interest. Most of the time, it covers maintenance and insurance fees. You can ask for financial statements from the condo management to see how they manage tenant’s funds. You also need to ascertain that they have reserve funds in case you need some work done in your new condo.
4. Review the Rules of The Association
Take your time to understand the rules of living in the community. Some condos do not allow pets, therefore, may not be a good fit for you if you want or have one. Other rules prohibit subletting and some condos have quiet hours.
5. Find Out About Special Assessments
Special assessments are fees charged to cover significant projects within a community. A structural repair for a condo is a good example of a special assessment. If the management is preparing for a special assessment in the near future, the association fees will be raised eventually. Find out if there are any special assessments being done in the near future to be able to prepare for the changes.
6. Predict Your Plans for The Future
The price of a condo does not appreciate as fast as that of a single-family house. It is therefore important for you to have a plan for the future. You need to understand what the market has in store for condo homes and how that may be of benefit to you in the future.
7. Find Out Which Company Manages and Maintains the Condo Community
You need to know who maintains the property. You need to move into a condo community that well managed and maintained. The Toronto condo team can make it easy for you to find the best managed and maintained communities to move into.