Having a living space of your own can be a dream come true. Citing the variety of options available these days, one can get utterly confused. It is not an easy choice, after all, to choose between a fully furnished apartment and a condo or an independent bungalow, for that matter. Thinking about a potential dwelling, there are a lot of factors that matter.
In case you feel that living centrally is what suits your requirements, for now, you get to choose between a condo and an apartment. Condos are considered relatively more high-end and expensive option out of the two. An apartment, on the other hand, is a simpler and lower-cost living option.
However, a condo has specific pros as compared to an apartment and is worth a shot. If you have finally convinced yourself to invest in a condo, you are reading the right stuff. We have something quite useful in store for you. Here we have listed all the essential parameters that you need to pay attention to before buying or renting a condo. We are sure that these tips are going to come handy -
1. Location - Location is one of the most important parameters when it comes to buying or renting a place of your own. A decent home for a nuclear family located in a beautiful area may look like a distant dream to many people. Luxury locations, like a ski town or the beach, are fun to reside in but not affordable.
A condominium can be an excellent option as decent ones are available at affordable cost in luxury locations. Sugar Wharf Condos in Toronto is the best example of the same. The strategic location provides you with the opportunity to experience the lifestyle of your dreams at a fraction of the cost you would need to pay for a bungalow of your own. The top quality developer project is located near Lake Ontario and will surely have you drooling once you check it out.
2. Amenities - The next factor to evaluate while buying a condo of your own is to see if there are all the essential amenities available nearby. There is no fun in residing at a place that makes you spend a lot on the commute. It would be great if your workplace is at walking distance.
Sugar Wharf Condos have a direct connection to PATH network, and you can reach the Union Station within minutes while you are walking. It is quite common for condo developments to provide access to essential amenities which are not practical or affordable for an individual house owner.
These amenities often include clubhouses, golf courses, swimming pools, tennis courts, and fitness facilities. Thus, the next time you set out to strike a condo deal, make sure that you perform a check regarding the availability of these amenities.
3. Location of your condo in the building - If you are someone who fears heights or is uncomfortable residing on upper floors, you must not opt for a condo located way too up. Also, if you are an extrovert, you must meet the neighbors once as well. Friendly and cooperative neighbors are bliss. You will realize this once you actually move into the building.
4. Management team - In all probability, you would want to end up with a decent condo management team. Having a clear conversation with the condo manager personally can help you avoid a lot of arguments later.
You may even get some quick feedback about the management team from your neighbors. You don't want to have a lousy manager, do you? Some condos manage themselves. This implies that there are no property managers and the residents take all the decisions. This can result in comparatively lower monthly fees as compared to professionally managed communities. However, if you are not comfortable devoting time to management issues, such condos may not be an ideal deal for you.
5. Rules of the building - One of the most important factors to check before committing to a condo or a building is to see if you can abide by the rules of the building or not. In case you can't, it will be a gruesome experience to reside there. Furthermore, storage space and parking are an essential feature to check before buying a condo. Majority of the people cannot do without these, often leading to significant inconvenience later.
6. Insurance - It is quite essential to ensure that you ask for a copy of the condo association's insurance policy. Get a copy of your own and see if it fits the bill for you. Carefully examine what exactly does it cover, if it includes the cost to bring the building up to code or not (in case the building is old).
Apart from that, see to it if the estimates to rebuild are correct or not. They must not be minimized or outdated. In case you find the policy to be confusing, it is recommended that you bring a copy of your own and study it carefully.
Furthermore, you should consider checking if their policy covers your personal belongings in case the roof leaks or the building goes up in flames. In case it doesn't, you may have to get an insurance policy of your own, adding to your monthly expenses. Check out attractive deals on Via Condos and compare efficiently before settling for anything.
7. Monthly association fee - In case you were not aware of this, there is a sum called the condo association fees that every condo owner needs to pay every month. The fee can be calculated from how many condominium units are there in the building, how much does it cost the management to maintain the building and any repair work if needed. It is always convenient to understand the breakdown of the monthly dues and see if it fits your budget or not. In case you cannot afford this extra payment, you must go for some other condo unit.
Thus, these were the top seven factors to consider while buying a condo. A living space of your own is a must have. Also, this is a one time, long term investment. This is not something that you buy every other day. Hence, it is vital that you evaluate all the prospects and consequences beforehand and then proceed.
One wrong decision can leave you regretting for years. Make sure that your family likes the space as well because you won’t be the only one living there, right? You may check out amazing deals on Via Condos and see what fits the bill best for you. Do your research and make an informed decision. Good luck!
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