15 Insider Condo Buying Tips for 2015
First time homebuyers are increasingly turning to condos as their first home. Young families are attracted to the urban lifestyle and the more affordable options when compared to homes, especially in larger markets such as Toronto and Vancouver.
Buying a condo comes with its own unique set of considerations. It’s different from buying a house, and the market has many additional things to think about when comparing your options.
Whether you are buying your first condo, are downsizing or looking for an investment property, here are 15 insider condo buying tips to consider in 2015:
- Work with a realtor who specializes in the condo market, and don’t forget to have a good lawyer, as well.
- Get pre-approved for a mortgage. This allows you to know what kind of budget you are working with when comparing your condo options.
- Buy with resale in mind. Think of your condo as an investment.
- Location, location, location. Make sure you factor the location of the condo into your decision. Is it close to amenities? Is it in an up and coming neighborhood?
- Ask about the building occupants. Are they renters or owners? Look for a building that is predominantly owner occupied.
- Do your research and find out what comparable units are going for on the market.
- Visit the unit a second time, if possible, before making an offer. This allows you to address new concerns and take a sober second look at the unit.
- Talk with other condo owners about the building, management, and their experience living in the condo.
- Factor in the extra costs such as condo fees and property taxes into your decision.
- Get a parking spot and locker even if you don’t need them. You can always rent them out to other tenants.
- Don’t limit your search to a specific type of building or neighborhood. Be open and look at different options to get a better sense of what you like and don’t like.
- Choose units that are in lower traffic areas, away from the elevator and garbage chute, if possible.
- Go for the view. A great view is not only a great feature to have that will add to the allure of your condo, it will also help with resale down the road.
- Research the condo development company. Are they known for high quality construction? Have complaints been filed against them?
- Check your emotions at the door. Think logically and listen to the advice offered to you to make the best decision for you.
Considering buying a condo? Thinking about buying one in the future? Tell us about your best piece of advice for buying a condo.
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