7 Key Factors to Consider When Buying a Condo

7 Key Factors to Consider When Buying a Condo

Have you decided it’s time to move out of your rented apartment and invest in a condo? A condo offers a very similar living situation but often has more amenities than a rented apartment. 

The big difference is you’ll own your living space, whilst sharing certain common areas. Are you prepared for the change? 

Infrastructure

How accessible is the condo property from the nearest major roads and transport hubs? 

It should be the first point you consider. Ask yourself how easy it will be to get in and out of your condo complex. Does the area have the infrastructure necessary to handle high traffic volumes when residents make their morning and evening commutes to and from work? Will visitors or couriers easily find you? 

Our friends over at hudsoncondos.com understand how important this is. They offer potential buyers detailed information and images so they know exactly what they’re getting. If you find the real estate agency you’re dealing with offers very limited or vague information upfront, ask yourself why this is.

Condo Fees

Be honest about your finances. Can you afford the condo association’s monthly fees?

This is yet another thing that most people don’t think too much about until they’ve committed to a property, which is the fees. You probably won’t be used to the concept of paying these fees, as in a rented apartment they usually don’t apply. 

Enquire about these fees, and what they’re for, before making an offer to purchase. It will have to be included in your budget, so you have to be sure that you’re happy with the fee structure. Condominium complexes differ in what they charge for, as well as the amount you’ll pay. Do your research.

Amenities

How convenient will living there be?

Does the condo you have your eye on, have all the amenities you’d like or need? This extends beyond a communal swimming pool or garden. You want to be prepared for moving day and find out if there are lifts to take your furniture up to your unit! 

Other amenities that could be useful are an internet service throughout the building, storage facilities close by, and undercover parking with security. Many condos have these facilities, and much more. Let your unique lifestyle factors dictate your choice.

Community Rules

Do you know all the rules?

Whether or not you consider yourself a team player, the fact is, most condo communities have rules. Do you know what the rules are for the condo you’re thinking of purchasing? These rules are usually self-explanatory, and designed so that you don’t disturb your neighbors or damage any common areas.

However, some rules are a bit more detailed and could present a problem for you down the line. Have you checked their policy on pets? May you sub-let your unit if traveling abroad? Checking the rules beforehand will save you a lot of hassle and heartache, later.

Green Spaces 

Are there natural spaces nearby that you can enjoy?

Just because you’re going to be living in a high-rise condo, that doesn’t mean you can’t have access to green spaces. If you enjoy time out in nature, check the map. Is the condo you’re contemplating buying, near parks or cycling paths?

With a bit of investigation and careful planning, you could still enjoy the outdoors even while living in a modern complex. If there’s a shortage of green spaces around your building, there’s always the chance of building a mini-garden on your balcony or creating an indoor vertical garden. But before you do, be sure to check those rules, first!

Energy Efficiency

Is your condo energy efficient?

Older buildings will generally not be as energy efficient as modern ones. That’s because it wasn’t always a major factor for builders in the past. But the energy efficiency of a building is taken into account right from the planning stages with newer condos.

This is more important than you might think. It could ultimately affect your energy and heating bills, for one thing. And your stay there will be more pleasant if you’re not shivering in the winter. If you’re considering buying an older condo, ask about any energy-wise upgrading that has taken place.

Insurance Coverage

Are you aware of the terms of your condo insurance

Any good condo complex will have insurance to cover things like unforeseen damage to the property. However, you may need to temporarily move out while structural damage is being repaired. Is this covered by your condo insurance policy? What are the terms and conditions? 

Ask the condo association’s governing body for a copy of the insurance policy document. If there’s anything in there that you don’t understand, ask for clarification. This is an essential factor to consider when buying a condo that far too many people overlook.

Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.