Friday, February 17, 2012

Buying A Condo A Sweet Deal If You Chosen Wisely

The twentieth century was filled with great ideas, not the least of which is the condominium. They allow the ease of apartment living with the value of home ownership. They are stylish, easy to maintain and filled with amenities. They offer a built-in community and a lesson in democratic living. There are a few things to take into consideration if you have decided buying a condo is the way to go.

First the demographics: some communities are strictly for retirees or empty-nesters. Some cater you young professionals. Some are structured around family living. If you want the ease of apartment living with the wisdom of home-ownership, condos are the way to go. Free of yard work, snow shoveling, roof repair or pool maintenance, condo life will allow you to enjoy hobbies and loafing around instead of pushing a lawn mower.

If your lifestyle involves wild parties, condo living is probably not right for you. However, most people prefer quiet when it comes to their home environment and there are rules in place to prevent noise and disruptive behavior. If you are looking for peace and quiet, check out the construction; if the walls are thin, you are going to hear everything your neighbors do and they will hear you. Notice how many shared walls your unit has and ask questions. Then look for quality construction.

You probably know before beginning your search what amenities are important to you. A swimming pool, tennis court or a gymnasium are great to have. But if you know you will not use them much, they are a moot point. Parking, storage and laundry are highly relevant. Learn where they are located in relation to your unit. Make sure the parking spot is included. In cities it can be an extra cost.

The things mentioned so far are not all that complicated. They are common sense. But there are other factors that will require some homework. That might begin with the history of your unit and its appreciation. The sales history is available to you and you! Realtor should have this information. A home is always an investment whether you plan to stay a few years or a few decades. Know what goes on under the hood.

Be informed on all the rules and regulations BEFORE you sign on the dotted line. Condo communities can enact many rules that may not make sense to you. Rules can include: no barbecuing, no pets or no smoking anywhere on the grounds. It can be forbidden to hang clothes outside, have late-night visitors, loud music or waving the flag from your balcony. Make sure you learn about these rules; you will not be able to get around them and will only make trouble for yourself. These rules have been established by the homeowners but if they do not suit your lifestyle, look elsewhere. Condos come in all shapes and sizes. Find one where you fit in and you will be happier.

Once you have found the place for you, the real homework begins. The most crucial aspect of its viability is the management. And nothing is more important than the state of the reserve fund. The reserve fund is the HOA dues paid by the owners. These funds are used to pay the expenses; everything that is outside of your walls. If a complex is not maintained your investment will sink. Have your Realtor help you look over the history of the complex. Look for things like poor management, lawsuits, shaky deals, slack oversight. Call on your attorney if necessary. The most beautiful condo in the world is only as good as the management and maintenance it receives.

These are some of the things to look at when buying a condo. They are a terrific investment, a great way to become a homeowner, a chance to be a part of a community, own a pool or enjoy a wonderful rooftop deck. Condo living is chic, a more affordable way to own property and can be found close your workplace. Do your homework and then bargain for a sweet deal. There is no place like home.

The dedicated team of real estate agents have much expertise in buying and selling commercial real estate Toronto. Their experience inclu! des hous es for sale in Toronto, real estate properties, and condos Toronto.

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