Is a condo good choice for everyone?
At Kondos.ca we love condominiums both as place to own and a commodities to invest. So if you are thinking of buying your first property and wondering if a condominium would be a wise decision, here are some tips and infographic to consider before buying a condominium.
What are you really looking for?
- Lifestyle? Are you there a lot of families in the condo ? Do they have services for seniors? Is the condo more owner occupied or rented out? This will help you choose the location for your condo.
- Amenities? You want to work out at home, watch the last Star Wars with your friends in a cinema room or need to speech your start-up project in a meeting room? Each condo also has its own amenities.
- No maintenance work to do: nobody is garden specialist or want to shovel every morning during the winter, condominium offers 0 work to do.
- Security? why would you need to buy an expensive security alarm you need to upgrade annually when you have a security concierge 24/7 the entire year?
- Affordable? just graduated from school with you high paying job but still do not have enough money to put a 100K downpayment for house and neither have rich parents we see on the TV to buy a dream house, condo is an affordable alternative to start your life instead of renting out and throw money out of the windows.
Who might be your neighbors?
Probably someone like you with the same criteria you have.
- Student or young professionnal who either just bough his/her first property or someone who rents it from a condo investor.
- Senior or family who either downsize from their dream house or your family who want to enjoy all the amenities in their building.
- Or a ghost or somene you will never see because he/she is frequent traveler who will be in his/her condo only when he/she travels for work.
Rude or flexible property management?
Last thing to know about who will first manage the condominium and keep the condo fees low, then how easy is it to make changes or improve your own condo. Because you will be also part of the co-owner, if the property management company does do a good job, you could just ask them to change the company next year.
Source: Condo for dummies
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