What Are The Things To Know Before Buying A Condo?

Posted by Carrie Beiber - January 15, 2018

Buying a condo

Many people choose to buy a condo over other types of home as they do not like the maintenance responsibilities that comes with single dwellings. Moreover, condos like MyMirvishGehry.ca are conveniently located to all the famous hotspots of the city be it a shopping Centre or the pub. You can enjoy the benefits of property investment as mentioned in www.thebalance.com/investing-in-income-property-2124810 without the hassles of maintenance.
Typically, in a condo, an association is the one who handles all the landscaping and other exterior maintenance of the building. So, you are not worried about mowing the lawn or shoveling the snow. The first thing to figure out is whether a condo fits your needs and is it the right decision. Here are a few points that can help you in deciding whether a condo is a home you should buy.

Condos have associations: Most condos have associations, and that means you will have to share the responsibility for repairs and other general exterior maintenance. You will also be sharing the home insurance which is an added advantage for you. These associations take the burden of upgrades to exteriors like windows, roofs, etc.

House insurance is cheaper: Like mentioned earlier, condos have associations, and they will have an insurance policy that covers few parts of your house’s structure and hence as a condo owner you pay less as insurance to your home when compared to what single homeowners pay for theirs. Ensure you check the master policy beforehand to avoid any surprises later.

Affordable: If you are want a place to live in the downtown but do not have the budget to buy a single home, condos are an option. In an urban area, condos are more affordable than a single house plus you have access to the transport, stay close to the hotspots of the city. If you don’t have the money to obtain a single home but want to live in an excellent location, then a condo is perfect for you.
To buy a condo or a single home, it is advisable that you hire a real estate agent. That agent with the experience and expertise in this industry is in a better position to find the best option that will suit all your requirements. Moreover, the negotiation skills of the agent can come in handy enabling you to get a better deal. Also, an agent will ensure that the purchase you make will be made only if all the legal documents are in place so that you do not get into any legal trouble at a later point.

Rules and regulations: Since most condos have the concept of community living, the associations will have a set of rules that every family that owns a unit has to abide. Before you purchase a property check those rules to find out if you are ok with those rules. You may have rules on loud music after 10 PM, regulations on owning a pet, etc. Some associations also have restrictions on conducting business in their complex. It is essential to find what those rules are and to see if you can follow them.

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