Buying a condo is a great achievement and often one of the largest purchases you will ever make. A lot of people make the mistake of buying a condo unit because they like it very much. There are so many things you should consider when making such a big investment.
The most important factor you should consider when buying a condo is its location. Look out your window. What do you see? The view outside your window is vital since you would be looking at that view every day and every night. Do your research. Find out if there are any future development plans in the area. A trendy and popular neighborhood should not be your concern. Focus more on public transits, hospitals, grocery stores, parks, and good schools.
Proximity and quality
The quality of schools in the area affect the value and market price of a condo. A lot of buyers decide to get a condo unit because of the proximity and quality of schools. Although you may not have children now, you may want to have them in the future. It will also increase the resale value of the unit.
Floor plan and size
The price of a unit is often per square feet. That is why it is crucial to know the exact size of the unit. Calculate the purchase price based on the size. It is best to compare it with past sales in the neighborhood before you buy the unit. Most people consider the floor plan more important. One of the most important things you should look for in a floor plan is that all bedrooms have windows. A bedroom without natural light can be challenging. There should also be no wasted space in the floor plan. An extra wide or long hallway will impact your living space and the price per square feet.
Make sure you know the exact final price and extra fees you have to pay. A mortgage advisor or a financial advisor can help you find out what you can afford. He or she can also ensure you can cover the mortgage and dues every month. Check out all the extra costs such as closing costs, lawyer fees, property taxes, and levies. These also include maintenance fees, utility fees, and insurance. Confirm the repair costs you have to pay every month or every year. Make sure you keep all the financial documents from the condo corporation.
Condo amenities can make your monthly maintenance fees skyrocket. Most developers, like the Penrose developer, introduce more and more amenities to pre-construction projects. These include pet washing and grooming areas, gardening plots, and basketball courts. Some even offer a lounge area and an observatory for stargazing. Know what you need and what you can afford. It does not make any sense to pay for amenities you will not be able to use. A 24-hr concierge service and proper security is crucial. You should also consider ample visitor parking.