Factors of Buying a Condo

When it comes to buying a condo, there are a number of factors you may wish to consider. Depending on the reason for the purchase, to reside in or for an investment, each of the following factors may be more important or less important. Below are a few of the factors:

Location

You hear about this all the time in any real estate purchase. Is the condo close to work, transportation, shopping centres, cultural centres, recreational facilities, libraries, and schools? Will there be any changes to the area such as development which may obstruct your view, thereby decreasing your view or will there be development that will increase the value of your property?

Pricing

When you are buying your condo, pricing should be competitive with other condos that has similar features and offerings. But doing so may be a difficult process. Especially when you have to take into account the different amenities which are available in one condo and not another. Some condos will have a swimming pool, a fitness area and you may not be interested in these facilities which you will be paying for. On the flip side, the resale value could be worth it. Check with me and I can get accurate information on comparative pricing and cost per square foot for another similar unit in the same building or complex.

Layout

Your condo is “your property”, but when it concerns your unit’s exterior, there are restrictions such as structural changes you may or may not make to your condo because it may affect the development’s exterior look.

Percentage of owner/occupier vs tenants

Find out how many owner/occupier living in the building as opposed to maximum allowed tenants/renters. If there is a higher percentage of owners living in the condo complex, their pride of ownership will mean that they are likelier more responsible at taking care of the common elements and amenities. As a rule of thumb, if 25% or more are tenants living in the complex, take notice. If you are investing in the condo to rent, its obviously a plus, but on the other hand, if you are the owner/occupier, it’s a different matter.