Condos sound cool. I don’t know, but there’s something about the word that just appeals to me somehow. And yet, we hear all sorts of – usually conflicting – horror stories these days, either that nobody can afford a condo or that the value of those already owned is plummeting.
Condos aren’t going to go away and can be a good investment, depending on where you live, what deal you get and how good your agent was at negotiating the sale.
Here are some basics to consider if you are planning to purchase a condo in the near future:
1. Rules, rules, rules. One of the advantages and downsides of a condo are the shared spaces, facilities and amenities. While these shared spaces can be extremely convenient – who wouldn’t like having a gym, pool, movie theatre or BBQ deck in your building – they will come with a long list of rules for their use to ensure everyone gets full enjoyment out of the amenities.
Additionally, there will be rules and regulations covering pets, noise, waste management, visitations, parking, where you hang your laundry and potentially everything else under the sun. Be sure you read all of the condo bylaws and regulations well before you buy, to see if it’s the type of lifestyle you can live with.
2. Money. Those delightful amenities mentioned above come with a price tag in the form of monthly condo fees. As a condo owner, you will pay those monthly fees whether you use the amenities or not. Your condo fees also pay for building maintenance, repairs, landscaping, public space cleaning and concierge services. So when looking for the perfect new condo to call home, be sure to factor condo fees into your monthly budget and any mortgage you’re applying for.
3. The view. No, not the TV show, but what you see out your window – and will it always be there. There’s no point in buying a property for the view if the zoning laws allow for another tower next door. If you’re going to pay for the view, make sure it’s lawfully protected and get written assurances from your developer. A view, and the placement of the condo generally, will affect the resale value, so weigh up the pros and cons.
4. Storage. Whether it’s parking your car or parking your stuff – particularly for a small condo – you want to look at your space options. Are there rules about where, how and what you can store? How secure is it all? As for parking: even if you don’t have a car, you can sometimes rent out a parking spot and having a dedicated parking spot will help to sell the property when you move. Also, how much visitor parking space is available? Will your guests be able to park in your building or will they fight for street spaces?
Buying a condo can be a fabulous lifestyle choice for so many people from students to young hipsters and retirees. You usually get a city lifestyle, with no maintenance hassles and convenient amenities just an elevator ride away. But communal living comes with a long set of rules you need to follow so make sure you understand everything that is expected of you as a new condo owner before you sign on the dotted line.
If you ask the right questions, then “condo” won’t just sound cool – it will be your cool new home.
