What You Need To Know Before Buying A Condo In Canada
The condo market is thriving in every city in Canada, and many people are investing in condos in Griffintown in Montreal, or various neighbourhoods in Toronto and Vancouver.
Obviously, you need to buy a unit in the same city where you plan to work. But after that, you need a proper checklist of factors to consider so that you can be fairly sure that the unit you’re buying will serve your needs. Your checklist should contain the following factors:
What’s Your Real Budget?
It’s understandable if you may need a mortgage loan to finance your condo purchase. So you need to make sure you can make the monthly mortgage payments after dealing with the down payment and the closing fees. You also have to think about the monthly condo payments for the facilities, as well as the utility expenses. You better make sure that your job is stable so you can pay for these things for the next decade or two.
Your budget will decide how big your unit will be, and what kind of furniture you’ll be able to get. That’s why it’s often crucial that you save up and get a high-paying job before you decide to buy a condo.
Proximity to Various Locations
One of the advantages of living in a condo in the heart of a city is because you’re close to the important locations of your life. You can be nearer to your place of work, or your children can be living right by their school. You may also prefer to live near various entertainment centers, such as malls, markets, or food centers with plenty of restaurant options.
You should imagine weekly schedule living in the unit you’re considering to buy. How will you get to work, and how will your kids get to school? Where can you go when you want to shop for groceries or for clothes? What about dry cleaning services and bank services? If you’re dining out with your family, are there convenient nearby options? These are the questions that will give you a more accurate idea of how well the unit’s location will serve your needs.
How’s the View?
The view from your unit is one of the many selling points you’ll need to factor in when it’s time for you to resell your condo unit. A breathtaking-view can fetch a higher price and elicit more potential buyers. Even if you do plan on living in your condo for a long while, a great view is always uplifting and it makes taking up residence in a condo such a joy.
How’s the Exposure?
If you’re living in Canada, then sun exposure will be once consideration you can’t overlook. You may think it’s great if you have floor-to-ceiling windows in a condo unit that faces south. But that can be too warm in the summer, and in winter it may get particularly cold. You’ll be very uncomfortable, especially when you see your HVAC expenses.
Safety
Safety is always a concern, so you should at least check that the condo isn’t in a “bad part of town.” It helps if you can find other large buildings among your neighbours, as that generally denotes a safe neighbourhood.
Age Demographics
People are invariably more at ease when they’re among people their own age. So you need to investigate the demographics of the area you want to live in. You can start with the people living in your condo building. If you’re an older adult, it can be discomfiting to live among young college students and newbie professionals. If you’re young, you may not enjoy having mostly retired folks as your neighbours.
Condos can be exciting new residences, but they should cover your basic needs. You need a convenient and safe location while you’re among people you’re comfortable with. Hopefully, you can afford the unit that can provide what you’re looking for!