You may be excited about buying your first place or just adding another home in another town. A condo in Canada can be a solid investment, but you need to know the rules and regulations before purchasing one. Think about how this affects your work and social life. Here are some things to consider before buying a condo in Canada.
Always Think About the Location
Whether trying to buy land for sale at a condo in Wasaga Beach or one in the heart of Downtown Toronto, you should always find the ideal location. Do you need room to get away from the hustle and bustle of the city? Maybe you like the tranquility that the water from the beach brings to you and your family.
Also, you could be someone that likes the fast-paced feel of the city. Maybe you’re close to your job, and you can take the subway to work and other amenities conveniently. Consider the neighborhood. Is it more conservative with middle-aged people?
Is it more 26-30 year old demographic with high-powered careers and would be great for networking? You may enjoy a fun environment where you can let your hair down and not worry about older neighbors. Always weigh your options according to your short and long-term preferences.
Research the Neighborhood
If you’re living in a high-rise, what new buildings will take shape? The condo may have a higher if a new stadium is a few blocks from your vicinity. While it’s convenient, it will be more expensive due to the higher demand to live there.
If you have a small family, what’s available nearby? Maybe you’re 15 minutes away from a grocery store, so it’s convenient to go shopping for the essentials. Also, are there public and private schools nearby for your child? You want to have options open so that your family is good to go once you make your move in the condo.
Are There Any Restrictions?
If you’re doing something solely online, then it’s a given that you can work in that capacity. However, your business might be creating at work which requires using noisy tools. Maybe certain noise restrictions would impede your progress.
Also, you may want to alter the condo to fit your home office a certain way. You’ll have to see the zoning requirements and whether or not you can change the building. Make sure you speak with your realtor before moving on to this step.
A real estate agent can help you find out if there are any boundaries in the unit. From the rooftop to the exterior walls, each condo is different.
You might want to add some aesthetics to different rooms in the condo. The condo board may have rules against painting things a specific color or even having drapery that will show outside the house.
Understand your town’s zoning codes to help you find a suitable place for you and your family. You never want to be in a home that you can’t design more to your liking.
Know the Price
Always know what it costs for rent or a mortgage when deciding on a condo. Speak to a financial advisor who knows what you can afford and what would be best economically to move to for work. Consider the additional costs, such as closing fees, lawyer fees, property taxes, and utility fees.
Even if a condo seems affordable upfront, those hidden fees will bite you in the back if you’re not careful.
Do you want to live in a new or old condo? A new condo can be expensive upfront, but you may incur fewer costs if you stay there long-term. An older condo can present issues from insulation, A/C, and other things.
You may spend more at the older condo because of the higher maintenance fees from repairing things. Before purchasing from the seller, ask questions on the things they’ve done to modernize the home.
What Amenities Are Available?
If you want to save money, you may not require many amenities besides Wi-Fi access and a laundry room. However, you may want to get more convenience if you have a larger budget.
Some condos come with the following amenities:
- 24/7 parking and security
- Spa
- Pool
- Basketball court
- Lounge area
- Concierge
- Rooftop access
- Gym
For people that don’t want to leave their home, it’s great to have all of these things. They’ll feel more secure having a private parking garage, which monitors things for foul play. Also, they can go to the gym to work out and stay healthy.
Also, they’ll have a spa to get a massage after a rough week of work. Then you can have a barbecue with your close friends and family on the rooftop without being bothered. It feels great to have these things right at your fingertips, but it will add up in your monthly fees.
Are Pets Allowed?
For people that love animals, this might be a make-or-break decision. Some condos may allow pets but on the stipulation of size and type. A condo may allow just small and medium-sized dogs to live there.
Additionally, they may not allow cats because people that live there may have allergies to their fur. They don’t want a lawsuit on their hands from someone going to the hospital after having an allergic reaction on the property.
Also, some condos may tack on pet fees. They know that pets require care, and accidents can happen where they may damage a room. See what places allow you to have your furry friend on the property and at what cost.
Do You Want a Freehold or Regular Condo?
There are pros and cons to both condo types.
Freehold condos allow you to own the property and the land on it. You can customize it more to your liking, and you may be able to use it as an investment property to rent out to others. However, the repair and maintenance fees come out of your pocket. The condo itself is more expensive than your average condo.
Regular condos are perfect if you don’t want to do so much maintenance on them. The condo company covers the repairs. Also, you’ll save thousands of dollars buying a regular condo. The disadvantages include not owning the exterior of the property and being under strict guidelines.
When buying a condo in Canada, always weigh your options to decide whether or not you want a freehold or regular condo. Think of how the choice can impact your work and family life. Hire a realtor to see what would suit your needs and how it affects your overall lifestyle.
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