A real estate purchase is one of the most important purchases of your life. It doesn’t matter if you are in the process of buying your first condominium or you have purchased real estate in the past: every single purchase is of grave importance. Thus, it’s imperative that you get good information to ensure you are making an informed decision on one of those Grimsby Condos you have your eye on. Take this as first-time buyer advice or a refresher if you’ve been around the block before, and get acquainted with the information you need to make good decisions on one of life’s major decisions.
Learn what residents are saying
When you spot a few Grimsby condos you want to learn more about, simply start out by asking the residents what they think about living in the building. While you will get varying answers, ask enough residents and you will start to notice trends. From there, see if you can get a copy of the minutes from a few recent condo board meetings from the seller. Read through them to identify any other complaints, and see how they align with what your neighbours were telling you. This should give you an indication as to how to condo board manages the building and if there are any difficulties you can expect down the road if you decide the condo is a good investment.
What’s the budget for condo fees?
Do the Grimsby condos in question have steep condos fees, or are they going to be easy to afford on your budget? Not all condo fees are created equally: just because one condominium has less amenities doesn’t mean that building’s condo fees will be less expensive. Be sure to also look for assessments that are on the horizon as well. These can include things such as repairs, improvements to the property, and dues from homeowners. Speaking to your would-be neighbours can once again help you to learn more about what the condo fees may mean for your budget.
Know the condo rules
Those Grimsby condos may look enticing, but if you’re not comfortable living by the owner’s rules then it’s a bad investment. Before you commit to purchasing a new condo, comb through every line of the rules to determine if this condo is right for you, or if you should invest in another condo elsewhere. Don’t think you can skirt the rules, either: in extreme cases, the corporation owning the condo building can take owners to court, get an order to sell the unit, and sell it from under you. Morale of the story? If you cannot abide by the condo’s rules, don’t invest!
Who is living around you?
For Canadians living in single-family homes, they don’t have to take too much stock into their neighbours. Condo owners have to take it into consideration, though. Because you will be living in close proximity to your neighbours, living in a condominium that’s aligned to your demographic is a factor you shouldn’t overlook. For example, if you’re a retiree you may not want to move into a condominium that’s popular with Millennials and Generation Z and vice-versa. Know the target demographic of the condo before making an investment decision.
Reputation of the building, builders
If the building is a few years old, it has had time to earn a reputation; if it’s a pre-construction, learn what the builder has built in the past. Whatever the case may be, ask about the builder’s reputation to learn if you should even consider moving into the building to begin with. While we’d like to think that most condominium builders do not skimp on building materials and methods, the truth is that this isn’t always the case. If a builder has a history of using cheap material and rushing constructions, you need to know this: it could be the proverbial writing on the wall you need to realize that this isn’t a good investment.
With good information comes even better investment decisions. If you want to start the process of finding the good Grimsby condo investments, reach out to LJM Developments to learn more about our condo opportunities. We’d like to think that we’re the gold standard of condominium developers in Ontario, but don’t take our word for it: contact us today and learn more about our amazing condo investment opportunities!