Key Decisions to Make in Your Condominium Purchase
When purchasing a condominium, it’s important to leave no stone unturned when considering the features you want and need. Here’s what to look for.
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So you’ve made the decision to buy a condominium. Congratulations! Now you’ll need to make a series of decisions about what features you want in your purchase.
One of your primary considerations should be location. Decide whether you’d prefer being within walking distance to amenities in the area or if getting in your car and driving to these spots is a more attractive option.
As for the building you’ll be in, you’ll also want to decide which floor best suits you. Is a picturesque view a key selling point for you? A corner unit will have more windows, while a top-floor unit or penthouse might be more to your liking because no one lives above you.
Next, you’ll want to gauge the level of street noise. If the building sits on a main street, consider looking at one of the higher units.
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Decide whether you’d prefer being within walking distance to amenities in the area or if getting in your car and driving to these spots is a more attractive option.
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Turning your attention to the unit itself, there are a lot of factors to take into account: the indoor and outdoor space, the parking, whether or not you’ll have a locker, etc. Since you’ll be in a community setting, other factors to consider include finding out if the units are owner-occupied, if they permit Airbnb rentals, and what the maintenance fees will be.
Consider the kinds of amenities that are offered, such as a swimming pool, fitness area, or guest suites. Also, does the building have 24/7 security? That’s certainly a question worth asking.
You’ll also want to inquire about the building’s age and condition, and then do the same for its windows, roof, and, if it has one, the underground parking garage.
Continue your inquiry by finding out if any special assessments have recently been done or if any are slated for a later date.
Another thing to know is that a reserve fund study is traditionally done on condominium buildings. These studies highlight any repairs or improvements that are planned for the building and the monetary resources that will be allocated to those projects—all of which you’ll be able to see.
As you can tell, there’s so much to consider and all the factors I’ve mentioned should play a part in your decision. If you have any questions about buying a condominium, please don’t hesitate to reach out to us. We’d love to help you!
