A lot of people when they start out, they look to condos as their first home. They are affordable, they don’t require outside maintenance (like mowing the lawn) and they give a sense of security knowing there are other people in the same building as you. There are many things that people enjoy about venturing out on their own and having the freedom that it brings. It is a big decision however, so you want to be sure that you will be happy in a condo. There are always pros and cons to most choices in life, and it is no different when one is choosing on where to live. So before you talk to a buyers agent check out our list of benefits and possible deterrents.
One of the biggest reasons people like condos is because they don’t have to worry about buying all the equipment needed to tend the outside work. Through the strata fees, the maintenance of the outside and the building itself are taken care of. When you are just starting out, the cost of yard tools is quite expensive, and as you grow older, you don’t always want to spend the time in maintaining a yard. So, it is convenient that the work is done for you and the cost is shared among all those who live there.
Another thing that draws people to condos is that they normally come with amenities. Lots of condos now a days have their own gym area, common gathering area (which can be used for larger gatherings), and maybe even a pool or sauna. Having these things right in the building makes it easy to enjoy a lot of luxury things that you may normally not have in a single dwelling home.
The price of condos vary a lot depending on the location, amenities and size of the condo. People in any price bracket are sure to find what they are looking for, for the price they are wanting. There are basic condos to high-end luxury condos. Most condos are built in a location that is close to shopping and public transportation which also helps make them a great choice for many.
When buying a condo, you have to take into account the monthly strata fees. The fees will vary in amount depending on the condo. The more luxury features it has, the more the fees will be as those fees are what maintains these amenities. So, you do have to be sure you can afford these monthly fees. Repairs to the building also comes from these fees and if the repairs end up more than what is in the reserve fund, the condo residents will split the cost of the rest.
There are rules in a condo that have to be followed by all the residents. So, you will want to be sure you know of these rules and bylaws to be sure that you are able to follow them. There are noise restrictions (which is common sense as you are sharing the building with multiple other people) and they may not allow pets. There will also be assigned or limited parking to be sure you know about too. There may also be rules about window coverings and if you are allowed to have satellite dishes or not. So be sure you know what each building allows and doesn’t.
Other Condo Advice
What you should also think about when buying a condo is that you will want the right insurance. The fees that you pay into the condo doesn’t cover your belongings. So be sure to find the appropriate insurance for your new condo and your things so if there is damage that happens you are covered.
The last thing is to be sure you find out how utilities are paid. Are they included in the strata fees, are there certain ones included and others not, or are they all separate. As it is one whole building with different units, the chances are some of the utilities are included in the monthly fee, however, you will want to know for sure which ones are and which ones aren’t.