Toronto's real estate industry has seen tremendous growth in the popularity of condominiums and that has people debating condo VS house living. Although markets are continually changing, 4 things you can count on when buying a condo are....
- Fees & Service Charges:
These fees and services charges cover anything from typical maintenance costs of common areas to extravagant luxuries. Do your homework when considering a condo. Exactly what is included in those fees? What amenities will you have access to, parking, storage, the pool, and tennis courts? Pay attention to deferred maintenance, planned upgrades, or other potential costs so you are not taken by surprise. Budget Calculator
- Management and Operational Efficiency: Spend time speaking with current residents, and someone on the board if possible. Although your realtor might be able to tell you the functions of the development, if you can, take a look around the building a few times to get a feel how things are on a day to day basis.
- Finances and Reserve Funds: Perform due diligence on the finances and reserve funds of the condo association to make sure their problem doesn’t become your own. Pay special attention to large numbers of foreclosures or vacant units that could eventually result in higher per owner premiums to compensate for loss of revenue.
- Lifestyle and Values: When you buy a condo you buy a lifestyle –increased access to amenities and reduced personal maintenance. If you enjoy owning a lawn and garden, you may want to reconsider condo living. Condominium exemplifying amenities.
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