Buying a New Condo

Buying a New Condo – What You Need to Know Before You Buy

If you are in the market for a new home, buying a new condo may prove to be just the solution for you. Condos have many benefits to offer homeowners along with many amenities that they might otherwise not be able to afford. As with all purchases, there will also be caveats to buying a condominium that must also be considered.

Things to Consider Before Buying a New Condo

If you are seriously considering buying a condo, here are 5 things that are worth pondering.

  1. Carefully calculate the cost: First and foremost, before making the final decision to purchase a condo, you might consider the resale value of such. Condos are, in most cases, cheaper than townhouses or detached family homes, but they will often sell for less as well. This leaves less room to turn a profit should you decide to sell your condo down the road. This is especially true if the homeowner’s association is particularly difficult to deal with, as well as if the fees attached to such are high. Take care to read over the association rules carefully. Pay special attention to building maintenance fees, as it is not uncommon for homeowner’s associations to charge hefty fees for individual maintenance and renovation projects. You should also ask the association if you can review minutes from previous meetings. This will make you aware of any existing maintenance issues that might prove costly in the future.
  2. You will not own the land: Each owner of a condominium complex contributes monetarily to the cost of exterior building maintenance and upkeep, as well as any other amenities that exist. However, it is important to remember that you will not own the land in which the building (or your condo) sits.
  3. Social opportunity: Condos are great home solutions for families, couples and singles. The close proximity of neighbours and the shared access to the property’s amenities equates to much social opportunity for any social status. With such close quarters you are likely to meet new people and make new friends. However, also be mindful that this means you are also sharing walls with neighbours. Therefore, loud music and large parties might be out of the question. Before you sign on the dotted line, you should check to be sure that those in which you will be sharing walls with are the type of people, or person, that you can get along with.
  4. Convenience: Condos often offer a major convenience factor for homeowners. Not only are condos generally centrally located and accessible, but they also typically offer close proximity to areas of work and play. Condos offer close access to major cities and areas that the homeowner might not otherwise be able to afford – generally speaking. Not only that, but they also generally include many other amenities that if not for the community, the homeowner would not be able to afford such as tennis courts, gyms and pools. A major plus is that being part of a community negates the need for the physical maintenance of such amenities to fall on the homeowner.
  5. Location, location, location: Put extra thought into the building itself, the location of it, the surrounding areas and the condition of the property. If you note that there are many for sale units in the building, this might be a red flag. This often times means that there is likely dissatisfaction among homeowners with the property or area.

If you are looking into buying a new home, buying a new condo might be the perfect solution for you. Take care to consider the above 5 factors and good luck with your search!