If you are looking to rent, buy or invest in a condo, there are some things you need to know first. Condos have become a popular investment for most people today and it is also a place many people want to make their home. The modern lifestyle, as well as the conveniences it brings, makes it highly in demand in the property market today.
There are many benefits to living in a condo. The fact that you are surrounded by a wonderful community and also have access to all the amenities at your comfort, makes it worthwhile.
How do you start your condo hunting journey? Here are some tips:
Do Your Research
Before investing in any condo, you need to understand the buying process involved. What are the steps you need to take? Where would you start looking? How will you find an agent? These are some questions you need to answer.
Make a Checklist
Finding a condo is a project and it should be done properly. It is good if you make a checklist of the steps you will take and everything you are looking for in a condo, to help you with your decision.
Among the things in your checklist should include the type of condo that will be perfect for you. Here, you determine the size of condo you want whether it’s a studio or a two-bedroom unit. If you are looking to invest, you may also want to consider pre-construction condos or ready-to-move-in condos.
Know Your Budget
It is always good to have an idea of how much you can afford for your housing needs. Bear in mind that condos also come with additional fees like association fees. In Toronto, for instance, do some research about the things you need to pay. There are condo taxes and condo fees in Toronto, so you should know about those aside from considering the location and amenities.
When you know your budget, you can narrow down the properties available that also meet your other requirements. You also need to find out if the Condo is non-negotiable. It is good to have a broker with you to help you beat down the price, that is if you can’t do the negotiations yourself.
Explore the Neighborhood
You must visit the condo before making any payments. Take a tour around the area and find out if it is what you want. Most people are looking for a secure environment and one that comes with needed amenities like schools, shopping centers, hospitals, and a good road network. You shouldn’t pay for a condo blindly without knowing where you will be moving your family to.
On a final note, it is important that when looking for a condo, you consult only reputable sources. Find out your agent’s reputation so you don’t get into the wrong hands. Now, that you know what to look for, you’d find it a little easier to find your ideal home.