Buying a condo requires significant investment, which is why it helps to consider the essentials to make an informed choice. Although it is easy to become attached to a condo unit you like, you must make a rational decision. As a leading real estate company when it comes to condos for sale in Collingwood, we understand the difficulties of purchasing a property. This is why we have put together this guide to help you.
15 Things to Consider When Buying a Condo
Choosing the location is an essential aspect when purchasing a condo. It helps to consider the demographics as well as the potential resale value of the property to help you make the right choice. Also, affordability plays a crucial role in the final decision. For instance, both Collingwood and Blue Mountain have beautiful properties and excellent locations, however, the condos in Collingwood are more affordable.
- Proximity to Schools
The market price and value of a condo are often determined by how good the schools are in the area. It helps to know that good schools attract more potential buyers.
- Floor Plan or Size
The size of the condo unit is a crucial factor when making a purchase. Aspects such as having no wasted space in the floor plan, windows in all the bedrooms for natural light, and having a wide hallway, impact the price per square foot.
Be sure to know that the additional costs, such as property taxes, monthly utility fees, maintenance charges, and insurance, affect the overall price.
- Condo Fees
The standard monthly utility fees include facilities such as water and gas. In some cases, it may also cover concierge or security expenses, shared spaces, amenities, general repairs, parking and a part of the condo corporation’s insurance.
- Amenities in the Building
Although it helps to choose a property that comes with the essential facilities, you must remember that they may increase your overall price drastically. This is why it helps to know what your needs are and decide accordingly.
- Natural Light Exposure
Most people often overlook this aspect when buying a property. However, having windows in the right location allows natural light in the unit, keeps it fresh, and could also help you cut down on energy bills.
Buying higher in the unit will cost you more as compared to the lower units. Weigh the pros and cons according to your needs and choose carefully.
Some upgrades that you may consider include premium countertops, smooth ceilings, porcelain tiles, and kitchen cabinets. Check these factors when you make a purchase.
- Appliances and Other Equipment
In addition to the craftsmanship, it helps to know that high-end appliances enhance the appeal and value of a condo. Be sure to have a look at the lighting fixtures, faucets, and other bathroom fittings. This also helps you to determine the overall quality of the unit.
- Age of the Condo
This often determines the maintenance fees you will have to pay. In most cases, it helps to choose a new condo because it requires less upkeep.
- Maintenance History
All condominiums should be repaired regularly and maintained properly, and some condominium corporations operate in a better manner than others. Be sure to check out the management of the condo corporation.
- Commercial Condo Insurance Policy
It helps to understand the types of coverage the policy offers. You may also choose to buy additional coverage to suit your needs.
It helps to check out the crowd that predominantly occupies the building and the neighbourhood. Consider whether you want a family-based community or if you’d prefer a more adult-oriented area.
- Other Factors
Here are a few other essentials that you need to keep in mind when purchasing a condo:
- Guest parking
- Builder’s reputation and experience
- The energy efficiency of the building
- Proximity to any places of interest
- Development plans for the neighbourhood
We Can Help You Buy a Condo in Collingwood
Buying a condo, either as an investment property or your dwelling, is an exciting journey. You can contact Wyldewood Creek for help in your condo buying journey by calling 705-445-3111 or toll-free 1-800-315-4663.