There are lots of different factors to take into consideration when you’re shopping for a new condo. Beyond the unit or even the building itself, it can help to try to picture what your daily life will be like. What services are available in the surrounding area? How will you get around and is public transit infrastructure already in place? Here we review some of the most important considerations to make when buying a new condo.
Location, Location, Location
Location truly does matter. Ideally the condo you are purchasing is in a desirable, in-demand area. Look for a rich network of shops, professional services, and health care options close to where you will be living and consider your commuting time. Ideally you can get to work or school relatively easily, either on foot, by bike, carpooling, or using public transit; make sure the length of your commute is manageable. Being located close to public transit makes your condo more valuable, as anyone who may be looking to buy or rent your unit down the road will want to know how far the nearest bus stop or subway station is; often they are willing to pay a premium for convenience. Keep a watch out too for transit improvements that may be in the works; while the payoff may not be immediate, once the project is done your condo’s value will increase. Proximity to greenspace is another important factor.
What Your Building Has To Offer
Most buildings offer at least a few amenities. It’s definitely worth investigating which features are available with each project as this can make the difference between an average investment and a really smart one. If the building you’re considering buying in has a fitness centre, a theatre room, a party room, or a guest suite, for example, you’re getting a lot of extra value from your purchase as you’ll have access to all of these spaces as well. This can save you money and enrich your life, making it easier and more convenient to take care of yourself, entertain, and host friends and family.
The Reputation Of The Builder
Whether the condo you are purchasing is in an older or newer building, make sure to do a bit of background research on the builder before you buy. You want to know that the builder is reputable and has a track record of quality construction. This will add value in the long run, with fewer repairs and maintenance issues to worry about. A good developer will be reliable, finish their projects on time, and complete the work at a very high standard. If you are buying pre-construction, take a look at some of the developer’s existing projects to get an idea of what you can expect.
Property Management For The Building
The importance of property management cannot be overlooked. The better the property manager, the better and more efficiently the building is run. A property manager looks after the upkeep of the building and executes the vision of the condominium corporation. A well-run building also adds value, as common areas and facilities need to be maintained to look and function their best. Speak to several people who live in the building and who already own a condo there; ask about their experiences with the building’s management and staff to get their impressions first-hand.
These are just some of the most important considerations to take into account when buying a new condo. Thanks for reading and don’t forget to follow the Gemterra blog for more great tips on how to be an informed purchaser.