Buying a condo is a heavy investment but one that’s rewarding in the long run. A good condo should not only be appealing to the eye but also affordable and convenient for you. The demand for condos has grown in the past few years as people continue to realized the benefits.
When you finally find one that you love and meets all your needs, it’s important to ask a few questions. You should ask the management team as well as yourself. The answers will give you a better understanding of what you are getting yourself into and whether it is all worth it.
If you can answer these questions, you can go ahead and own your first condo.
Who is managing the condos?
Some condos have a management team while others are self – managed. Self – managed condos are entirely left to tenants to make management decisions. Tenants meet and set out rules and regulations regarding the tower unanimously. Condos with a management team means that the team sets out the rules and passes them on to tenants who must follow them. If the condos are under a management team, it is vital that you ask to meet them. This will help you ascertain if it is a good team capable of delivering.
Is there storage space and parking space?
Condos are relatively smaller compared to homes. Unlike homes or townhouses which have attics or storage rooms, condos do not. It is therefore important to ask if you will be provided with storage where you can keep extra luggage and other things like bikes etc. It is also important to enquire about parking space. Even if you do not own a car at the moment, consider your visitors as well as the future.
Ask about the insurance policy
When buying a condo, ask if there is an insurance policy and what it covers. It is crucial for you to understand how much damage the policy covers. If you agree with the terms of the cover, make sure you sign the document and keep a copy. If you forget to ask this question at the beginning, it will be difficult for you to make any claims if/when damage occurs.
How long do you intend to stay here?
Before you purchase a condo, ask yourself how long you see yourself living in that condo. Do you see yourself moving in the next 3 or 5 years? If yes, will you sell the condo or will you keep it and maybe rent it? If you intend to move out in the next few years, you will need to ask the management the terms of moving out. For example, if you see yourself moving but still want to retain ownership, do they allow renting out the condo?
How much are maintenance and tax fees?
Another important question to ask when buying a condo is about the maintenance and tax fees. You should understand how much money you will be paying and on what basis.
Other important questions to ask yourself as well as the management are rules on the use of amenities by guests, what exactly you are paying for ownership as well as which side you would like your condo to face. If you are still wanting to buy a condo, check https://mysquareonecondo.ca/listing/edge-condos-for-sale/ to learn more.