Affordability, easy maintenance, excellent amenities, a desirable location and good neighbourhood, are the reasons why condos are the choice of first-time homebuyers in Canada. However, if you want to purchase a new condo, you must know what to look for when buying one. It helps to consider the essential factors to make the right choice.
Which Should You Buy – A Condo Or A House?
When planning to purchase a new property, you should know your options. It helps to understand that when you buy a house, you purchase the structure as well as the land. When you buy a condo unit, your ownership will include the unit’s living space and a part of the building’s shared assets.
Condos are Not Just High-Rises
Although most people believe that condos are available only in the form of a high-rise building, it helps to know that they come in a variety of formats. This includes townhouses, low-rise buildings, and triplexes. Also, you can choose the dwelling style that suits you.
Condo-Buying Tips for First-Time Homeowners
- New or Resale
When buying a new condo, you can choose between a new unit or a resale one. When you purchase a new unit, you can expect lower maintenance or condo fees. This is because the shared spaces in a new building are in better condition as compared to an older property. However, if the area or square footage is essential to you, you can opt for an older condo unit as they are often more spacious.
Whether you want to buy a condo as an investment or to live in, it helps to choose a favourable location. In addition to offering a good resale value, it also ensures security and safety. This is because the neighbourhood makes the condo a reliable choice. Make sure your condo comes with amenities such as gyms, restaurants, parks, public transportation facilities, and more.
- Financial Stability
When buying a property, it is essential to know how much you can afford to spend on the purchase. In addition to the monthly mortgage charges, you should also factor in the maintenance fees. It helps to remember that the condo fees may vary depending on the amenities offered and the age of the building. This will help you determine if a condo is within your financial comfort zone.
- Do Your Research
When looking at new condos for sale, you must take the time to check out the essentials. A few crucial elements include the developer’s reputation and experience, the location of the building, and monthly maintenance fees. In addition to this, it also helps to consider the amenities offered along with the unit. Also, consider the market position and financing options available.
Buy a New Condo with Excellent Amenities
Wyldewood Creek Condos by Brandy Lane offers luxury condos in Collingwood. It is a four seasons condominium community near the beautiful ski hills of Blue Mountain. The new condos come with well-appointed fireplaces, cabinetry, private storage lockers, and more.