As condo ownership gets more common, many people are looking for ideas for choosing the right condo. The Canadian market has seen an improvement in the demand for condominiums, and the average price of a home has also risen since past 10 years, which makes it challenging to decide whether to rent or buy. Basically, if you are looking to buy, there are things you need to understand that will guide you to make the right decision.
Here are some ideas for buying a condo in Canada.
A lot of the condos constructed over the past 10 years are part of a development that has characterized the sharing of common amenity space between multiple condo buildings. This leads to cost sharing, which means you will be paying less for the amenities because the cost is split between the different condos that share. A common example you will learn about is a swimming pool, which usually adds about $50 per month on maintenance fees per owner. A bonus with shared amenities is that they are used more and so they are better maintained than those in smaller buildings.
Research the neighborhood
Before you buy a condo in Canada, it’s important to learn about the neighborhood and understand what might happen in the future to affect the value of your condo. If the neighborhood is still growing and businesses coming up, that is a good sign and you may end up selling your condo at a higher price due to the improvement in quality of the environment. There are many sites that share important information about condo purchases in Canada. click here to learn more about choosing the right condo and to see the different areas where you can find good condos.
If you would like to get a lot of space on a small budget, you should consider an older building. You can find buildings as old as 10 years with a significantly big floor plan, and the price is lower compared to newer buildings. The only drawback you might encounter is that finishes can be dated, but this can also be fixed with renovation. You might be thinking that renovation raises the cost, but no structural work is needed as you only need to do the floor and other areas like the bathroom and kitchen, which in the end will cost less compared to buying a new condo.
Buying a pre-construction
It used to be normal that you would spend less on buying a pre-construction than an already finished condo. Many developers give a discount for allowing them to hold your money until the house is completed, but you will find in many cases the pre-construction prices match the real prices and therefore it makes sense to just get an already completed house that you can put to use immediately. However, if you can find a good developer with a genuine discount, it would be advisable to opt for a pre-construction, if you are not in a hurry to move in.
While considering buying a condo in Canada, you need to think about the value of the neighborhood and the likelihood it will develop and raise the value of your condo. In case you have a small budget, you can consider older buildings, which will give you more space. Also consider a pre-construction if you would want to get a discounted price.