One of the most important decisions you take in your life is about buying a home. A good decision in this regard, not only benefits your lifestyle but also your family values. There is a list of things you need to check before you shift into your new home. The Important Features to consider when buying a home are; location, affordability, structure, and lifestyle. But when you’re choosing to buy a condo, the amenities, HOA fees, building’s history, and the layout becomes a concern.
When I was searching for condos for sale in Toronto under 200K, I was so tempted by its beauty that I kept aside all the important features. I wish I knew a few things early so I would have landed for a better decision to buy a condo. The bad experience about my condo teaches me a lot of things and I wanted it to share with you so you can also learn from my failure.
1: I wish I would have hired a Real Estate Agent
Whenever you’re going to buy a condo, it’s necessary to share your requirements with a real estate agent who’s also a condo expert. When you don’t do this, you leave the advantage of having an affordable condo and ended up buying an expensive one. A real estate agent who’s experienced in selling or buying condo can help you in making an excellent deal.
The issues of a condo aren’t the same as the home, the purchase agreements are also trickier as the condo management have lawyers to look over their documents. So, an agent is a great help in this situation. Therefore, when you plan to buy a condo, the first step is to look for an agent who can help you with your decision.
2: I wish I would have researched the Neighborhood
As soon as I shifted in my new condo, I started getting distracted from the loud noises, party culture and the spying of neighbours all the time. Also, some nearby locations are under development so I can’t enjoy the view outside my condo.
If I would have known this thing earlier, I wouldn’t have taken the decision to live in this neighbourhood. Your environment and people in the surroundings matter a lot especially when you have kids with you.
3: Beauty isn’t everything
It’s a great feeling to live in a beautiful condo styled that you always fantasize about. But when you have to invest your money on the repairing of the ceilings, leakages and the flooring then the cost of living gets double.
So, if you find a condo attractive, do the inspection and search its history. Why the people before you leave it? Is it in good condition to live? Do you need to invest in kitchens and baths to make it usable?
Look beyond the beauty, ask a lot of questions to your real estate agent because you’re investing your money on it and your money should serve the purpose.
4: You can get a condo at cheap rates
Condos are an affordable choice until and unless you demand a luxury condo or an Etobicoke waterfront condo. In the urban areas, condos are affordable as compared to single-family homes.
If your budget doesn’t allow you to buy lavish condos or Toronto Lofts for sale under 400k, then you can go for affordable choices in a condo. I landed up with a luxury condo but now when I’m bearing the expenses of living, I wish the time can fly back so I can make a better decision for my living.
5: Think for the long term
When you buy a condo or even a home, don’t consider the life you have today but rather think about the future. Is the condo near to your workplace? Will your condo remains suitable when your family grows? What’s the market value of your condo?
Think about the long-term plans if you are planning to live in the house for more than five to ten years. It’s really important to save yourself from the pitfalls later.
To summarize it up, if I knew these strong points earlier my decision would not be the same as it is today.
Now, it’s time for you to learn from these mistakes and make a good decision for your condo. I hope this helps you out.