Condo Newbie: Things to Check When Buying Your First Condo Unit

When you get into that stage where life stops being all fun and games and you start thinking for your future, one of the first things that will come to your mind is having your own home. However, buying a house isn’t as easy as buying clothes in the mall. Buying your first home requires careful preparations and considerations.

There’s a good deal of things that you should consider, and a lot of questions that you should ask yourself. Do you need a house, or should you invest in a condo? A condo is ideal for new arrivals to the adult world. If you’re living alone or with a partner, then this might be an excellent choice for you.

To help you narrow down the things that you should think about, here are some tips to guide you when you’re buying your first condo.

It’s all about the money

You can’t buy anything when you’re broke. Before you get thrilled about the idea of owning your condo, make sure that you’re financially ready to make that huge commitment. Know the exact amount of the fees that you’ll have to pay because the mortgage isn’t the only thing that you have to consider.

One of the additional fees is association dues. These are fees that you have to pay monthly for the maintenance of the building and its amenities. Include this in your budgeting considerations, and remember that this is a regular payment scheme. You can’t afford to skip paying for this.

Where’s the location, exactly?

Assess the location. Is it a safe area? Is it near your workplace? Is it located in a place that experiences heavy traffic every day? Weigh the pros and cons of the location because it’s a significant factor that you should consider when buying a unit.

Various types of condominium

Before you pay for anything, you need to check the kind of the condo that you’re buying. The size might be unsuitable for you, so carefully assess its size and exact dimensions.

  • Studio

This type is small and offers limited space. It’s ideal for people who are okay with living in small areas. It’s suitable if you’re living alone or with one other person.

  • Loft

If the condo has a high ceiling, it can accommodate a loft bedroom. It’s elevated, and you can reach it through the stairs. The room overlooks the rest of the room. It offers you more space because the loft frees up the area reserved for the bedroom.

  • 1-3 bedroom unit

Multiple bedrooms are ideal if you’re living with other people. You can have your rooms for privacy. Some condos also offer many bathrooms for its occupants.

  • Penthouse

If you have a lot of cash to spend, why not go for it? It’s the most expensive type, located at the top of the building. You’ll have total privacy, and you’ll have the luxury of a gorgeous overlooking view. It also boasts of a larger floor area.

Speaking of privacy, you can access some penthouse units using a private elevator. Some condos also have its luxurious swimming pools.

Scout ahead through unit viewings

Don’t be satisfied with brochures or leaflets. See the area for yourself. Attend an open house viewing so you can see the unit personally. You can check if the information that you received is accurate and if the size of the condo is enough.

What are the other perks?

Aside from your unit, there are also several amenities which you can access. Most buildings have swimming pools, fitness centers, and party areas. These are some of the things that you can enjoy when you live in a condo unit.

Can you sell it someday?

Think ahead and consider the possibility that you’ll move out someday. Consider if you can sell or rent out your condo for a reasonable price. Condo units rarely raise in value, so think ahead if it’s a worthy investment.

Takeaway

It’s exciting when you’re doing something new in your life, such as scouting condos for sale in Toronto. Before you do anything, there are things that you have to consider, such as your budget and the location of the condo unit.

You also have to choose the type of condo that you need for your lifestyle. It’s going to be your home for the years to come, so make sure to select a unit that will give you maximum house comforts.

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