When you’re looking at condos for sale in Liberty Village, it is important to know what to look for and to know what questions you should be asking a realtor. For example, different condo buildings suit different types of people. There are some who are more family-friendly than others and there are some more luxurious than others. Investing in condo real estate can be an overwhelming experience if you don’t know what you want, what to ask, or how to evaluate a unit. This guide touches on several key points to consider when viewing a condo for sale.
Know your Amenities and Know your Condo Fees
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A building could have any of a wide selection of in-building amenities including a gym, a pool, a common area, etc. Know what these are and how they relate to condo fees. Also know that more amenities do not necessarily equal to higher condo fees as oftentimes bigger buildings with more amenities have more tenants to spread the cost among.
Know your Location and Your Distance to Work, Etc.
The concept of condo living is built around lifestyle and convenience. Consider distance to work and anywhere else that you like to spend your time, then zone in on your preferred location.
Know What Kind of Person your Condo is Geared Towards
Every building is going to be trying to attract a certain demographic with a certain lifestyle. If you’re a young professional for example, it likely won’t be very fun to be in a building where the amenities or geared more towards retirees.
Know the Building’s Reputation
Ask your agent questions like how long a unit takes to sell in the building you’re considering compared to other buildings. If your condo is priced below market value, find out why. Google your building. Get as much information as you can.
Know your Neighborhood
Find out more about the neighborhood the building is set in. Look into things such as potential new developments (especially the ones that may affect your view!). It’s always good to know what businesses surround your condo and which ones are moving into the neighborhood. This will also affect the value of the unit itself.
Know the Layout Compared to other Layouts in the Building
Every condo building is going to have multiple layouts, varying in style and desirability to you. For example, if there is an 875 square foot layout in a one bedroom plus den on a low floor, there may also be a 875 square foot layout two-bedroom version on a higher floor – one selling more than the other depending upon the appeal of the configuration.
Know the Building Restrictions for Renovations
Many buildings have restrictions on what renovations, décor, and pet sizes are allowed. If you are considering substantial renovations, consult with the condo board to find out if your plan is possible before buying.
You may already have plans to flip this condo at some point. Always be thinking about resale value when evaluating a condo. You want a low maintenance, quality build. Know that larger suites are easier to sell while studio and one-bedrooms are more difficult to sell. Think of the view you have. Think of a parking space. Think of a storage space. Examine the appliances and any wear-and-tear. Etc.
Other Things you May Want to Know about Buying a Condo
– Concrete or wood construction; concrete is quieter, fire resistant, structurally stronger, easier to heat, and offers lower insurance rates.
– Ask about maintenance fees. If possible, get a breakdown on any increases over the years.
– Ask about common work order requests in the building.
– Ask about who built it, if there are any warranties in place, what other projects the builder has erected, and go to the Better Business Bureau to learn more about them.
– Ask about brand new condo sales versus resale.
– Ask about when the building was constructed. For example, if the building was previously an apartment block that was ‘fully renovated’ into condos then, in all likelihood, the plumbing, wiring, roof, floors of the balconies, furnace and boilers, and other features are just as old as the original construction.
– Don’t hesitate to ask about other tenants. If other tenants in the building are unable to pay their condo fees, sometimes that responsibility falls on the shoulders of the other tenants to make up for it. It also doesn’t hurt to know the kinds of people that you will be living next to, under, and/or over.
– Ask about details such as what do the condo fees include and exclude, the sales history of units in the building, cost per square foot, etc.
Check out our Liberty Village Condo List for a full list of all of our neighbourhood buildings.