5 Insider Tips for Buying a Condominium
As I mentioned in a previous article, buying a condo definitely offers a lot of perks. Affordability, shared maintenance costs and amenities are just a few of the advantages you could enjoy as an owner. However, you should keep in mind that buying a condominium is very different from buying a single family house. And it’s not always easy to know what to look for, especially if you’re a first-time home buyer.
I’ve put together some tips that I think will really help you out with buying a condo:
1. Know exactly what you’re getting yourself into
I spend a lot of time with my clients talking about what they should expect when it comes to owning a condo because making an informed decision means making the right decision.
Simply put, a condo is different from any other type of housing. If you want to avoid any unpleasant surprises, then you should take all aspects into consideration when it comes to this type of housing. Trust me when I say that no detail is too small.
2. Do some digging
Don’t worry, I don’t mean that in a literal sense. I’m talking about researching your particular condo association before committing to anything.
The condo association will more likely be in charge of all the important things happening in the community. Thus, it tends to have a lot of power. You need to make sure you won’t have a problem obeying its rules and mandates.
Another great idea is to ask around and find out how current owners feel about their condo association.
3. Check out the neighbours and the neighbourhood
Buying a condo means that you will have to share certain living spaces and amenities with your neighbors, so they should be people you could easily get along with. This may not be the first thing on your mind right now, but doing some harmless research regarding your neighbours early on will pay off in the long run.
As a home buyer, it’s easy to get caught up in the characteristics of a property, but you should always remember that the neighborhood is just as important as the property itself. Winnipeg has a lot of beautiful neighbourhoods. It’s just a matter of choosing the one that fits your current and future needs.
4. Details are important when buying a condo
Yes, price is important. Location is important. But there are also small details you shouldn’t overlook. Additional storage space, private parking, an extra window somewhere are details that will help you enjoy a more comfortable lifestyle. This type of things also impact the resale value of the condo.
I recommend asking as many questions as you can before making the final decision and signing the paperwork. It’s better to be safe than sorry.
5. Get help from a REALTOR® with experience in condo selling
I hope this article will make the process of buying a condo a lot easier for you. However, the truth is there are a lot of other things you need to be aware of when making this type of investment.
Condominium purchases are very complex. That’s why you need an experienced, skilled realtor working for you. And I’m confident I can be that realtor.
Let’s talk about finding the perfect condo for you!
Gap narrows between condo, house prices in Greater Vancouver
The gap between sale prices of new condos and those for single-family homes could be closing as more buyers pay ever-climbing prices for condominiums in Greater Vancouver.
So far this year, there have been more than 2,000 new condo sales than at the same point last year, a 20-per-cent increase, according to Michael Ferreira, managing principal of Vancouver-based Urban Analytics, who addressed the Urban Development Institute last week. The figure totals two-thirds more sales than in 2013, he said.
More info via Winnipeg’s Real Estate Blog