Why people opt for a condo? Why people find it more suitable than a single-family home?
A condo short for a condominium is a small unit in a specific building with shared amenities like swimming pools, gardens, fitness areas, and parks. Sometimes living in a condo is more convenient than the single-family homes depending on the condo structure and style.
A huge number of people opt for a condo because of the privacy, comfort and temporary residency. Condo living is different than that of homes. It makes you more social because of the shared amenities and close neighbors. So, before you buy a condo you must do a self-assessment on condo living and your requirements.
If you don’t know how to do, take these questions into consideration.
What’s the Cost of Living?
Before buying a condo, you must know the fact that the condo fees aren’t fixed. It varies according to the specifications and amenities of the condo. It also includes condo association fees and homeowner’s insurance. If you trapped in any major flaw, the fees to recover and to bear the expense.
You should also know that the HOA fees don’t cover the theft loss or damage to your individual unit. The condo investment charges if you’re buying it to sell and make money. Before you step into the condo community, you must know all the expenses you have to bear while living in it.
Who are your Next Door Neighbours?
Instead of going for Toronto luxury condos, people show more concern for the neighborhood. For some people, it matters a lot because they have kids and they don’t want to let them play in bad company.
It’s important to stay informed of your neighbors before you plan to buy a condo. Take a round around the building and try to talk to your neighbors. Ask them review about the condo especially the theft ratio and gain more insights. This will benefit you from two sides. First is you’ll get the review about the condo and second is you’ll get to know about your neighbors.
So, if social is your element, stay informed of your surroundings before you actually move in.
Does it Suit your Lifestyle?
Condos are ideal for small families or couples who don’t want a huge space or additional space for gatherings or parties. Also, the units are closely attached so the next-door neighbors can hear the loud music vibes or pet cries. If you’re comfortable with the idea of shared amenities and fine with the condo lifestyle then go with it.
If you’re concerned about your privacy and security then search the condos that offer more security like Yorkville condos for sale.
Can I customize my Condo?
When you rent a condo you want it to decorate according to your needs; flooring, painting and decorating. But all condo management doesn’t allow to customize. So, it’s better to ask them before purchasing. And if you’re allowed to customize what amendments can you make?
Either you want the bright open areas, daylight, paintings, wooden flooring or tiling, you can discuss with the management before making the changes.
Have you Read the Agreement?
Before you move in a condo, the real estate agent gives you the agreement to read which binds you with the condition to live in a condo. It gives information about the fees, pet rules, parking rules, and the amenities rules.
It also serves the breakdown of the condo fees and the maintenance cost. Try to read the laws yourself and still if you don’t understand it, take an expert opinion on the agreement. He will help you to understand better.
Share Your Requirements
When you come across the official agreement, you might find that there are some rules which you can’t abide by. But if you’re 60% satisfied with the condo then you can sit with the management and raise your voice.
Make a note of the things you want in your condo and convey it in the meeting board. Don’t battle continuously but see if the management can help you out.
Don’t scurry to a condo lifestyle unless you’re 100% satisfied with it. Dig in the laws in-depth and see if the lifestyle will suit you perfectly. Don’t settle for something that’s below your living standards. Your living space and security matters more. So, also ask if the condo you choose offers security or not.
In summary, the choice of the condo also depends on your budget. But even if you get an affordable condo in the budget, the five questions above are a must to ask. They will help you to make your living enjoyable and keep the unexpected speed bumps aside.
Keep this blog on top when you plan to switch to a condo lifestyle to make the best decision.