Things to Consider Before Buying a Condo

There is no greater feeling than knowing you have finally found the condo of your dreams. It’s feeling unlike any other. It’s also amazing to know that the search for condos for sale in Ontario is finally over – but not so fast! Buying a condo – and any type of home for that matter – is one of the most important decisions you will ever make. Jumping into buying a condo is the last thing you want to do. No matter if you are considering purchasing a condo at Waterview Condominiums or somewhere else you need to consider these few things before you actually make the leap to condo living!

Know the bylaws

This is one of the biggest problems condo buyers face. They think that just because the condos for sale in Ontario they found look and feel perfect for them that everything else is just noise. Nothing could be further from the truth! You have to read, understand, and agree with the bylaws set forth by your condo board. If you choose to skirt the rules and not take them seriously, you could be looking at serious fines and even an eviction. Being forced to move out of your home that you purchased just because you failed to follow bylaws is a realistic possibility and it certainly happen. Agree with the bylaws before committing to any condo!

Read the minutes of the meetings

Is the condo in question properly managed? You can figure this out by purchasing a status certificate and looking through the details of the document. It’s a good idea to do this when looking for condos for sale in Ontario (especially those you are serious about buying). The status certificate will tell you if any legal action has taken place against the developer so keep an eye out for this.

The juicy bits are in the minutes of the meetings, though. This will give you an idea how the condo board is managing the property and how the residents are responding to them. The minutes of meetings will tell you if any residents have grievances against the condo board and how they are handling the situation. If you notice the same grievances cropping up in a short period of time then this should give you an idea regarding how well the condo board is being managed. If reading the minutes of the meeting makes you feel uncomfortable, look elsewhere.

Can you afford it?

How well can you actually afford to live in a condo? Not just any condos for sale in Ontario, but the one you are seriously looking at? The best way to answer this question for yourself is by creating a budget based on what you will be spending monthly while living in a condo. Also consider that just because your condo is relatively the same price as your monthly rent that doesn’t mean your budget is going to be identical to your renting budget. There are extra expenses that come with living in a condo: condo fees, special assessments (when/if they

unfortunately arise), etc. Consider your commute after you move. Will you need to take public transportation or drive further? How much of an extra expense will this be on your household every month? It’s little things like these that can seriously cut into your monthly budget, so be mindful.

Is there enough space?

In other words, is the floor plan ideal for you? If you feel like you need extra space or the layout isn’t what you want it to be, keep searching for condos for sale in Ontario. How comfortable you are in your home is just as important as whether you can afford it!

Will I be happy at this location?

Your happiness is just as big of a factor as everything else in this list. As you search for condos for sale in Ontario, consider how much you like the neighbourhood. Does the location align with your daily commute or will you have to go out of your way to travel for work? Answers to these questions are things you must seriously consider before committing to a condo. Do it, and you will know you’ve picked the best condo for you!

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