Now is a great time to buy a condo. While affordability, amenities, location, and conveniences will always be factors, that’s not all to consider. There are some other important details that you need to know first, before you begin looking. Here is a list that will help you narrow down your search.
- The Builder/Developer
- The Property Management Company
- Amenities
- Building Demographics
- Condo and Short-Term Rental Policy
- Soundproofing
- Parking
- Lockers, Stairwells, and Elevators
- Pet Policy
- Status Certificate
The Builder/Developer
Even if you’re not considering a pre-construction condo, the builder still matters. Remember that the quality of the build, the design, and the materials are all significant factors. Investigate each builder’s reputation, their track record, and their financials before considering a condo. Is this their first build? You don’t want to find out after purchase that the condo builder is inexperienced or is known for cutting corners to maximize their profits.
The Property Management Company
Remember that if you have any concerns or if anything goes wrong with your unit or condo building, you’ll be dealing with the Property Management Company. Having a reliable contact that won’t have a full inbox when there’s a broken window or washer/dryer is crucial. While the types of appliances, fixtures, and amenities matter, they need to be taken care of as well.
Amenities
Features and conveniences can be a positive aspect of condo living. But remember that you’ll also be paying for them in your maintenance/condo fees. They’re only worthwhile if you’re using them, and keep in mind that they will rise in cost to maintain. So, while a condo gym, a party room, a hot tub, and a swimming pool are great features, are you going to take advantage of them? Or do you prefer to go elsewhere for these amenities?
Building Demographics
What kind of community do you want to live in? The geographic location matters for transit, parks, shops, restaurants, and planned large infrastructure projects, but there are a number of other factors: Owners vs renters, average age, unit sizes, nearby community spaces, and proximity to schools and other institutions will affect the condo’s feel and your day-to-day experience. Know what type of condo neighbourhood that you want to live in before purchase.
Condo and Short-Term Rental Policy
Know the condo rental policy first. If there is no cap or rule on short-term condo rentals, Airbnb or VRBO, your building could have more of a hotel feel than the community that you’re craving. While that kind of setup is beneficial for investors, it likely won’t be for you.
Soundproofing
It’s not only the materials used between condo units that matter, but what about the sound barriers to reduce or eliminate noise from the outside? Whether it’s traffic from a busy street, construction, or weather, you’ll want good soundproofing for sleep and entertainment. The quality and thickness of walls and glass are critical to you being happy within your unit.
Parking
Parking is an amenity, but not only for your own vehicle. Do you entertain often? Would there be room for your family members to park in Visitor Parking if they visited for a holiday weekend? What is the policy on extra spaces? Having a spot for you is important for resale, but so is the availability of temporary, additional parking.
And it’s not only the number of parking spots that will make a difference, it’s the location. How far away is a door to get into the condo? Is it close to the elevator? While it may seem like a small detail, remember that you’ll be hauling groceries and other items from your car to your unit.
Lockers, Stairwells, and Elevators
Is there a storage unit for each unit owner? If so, where is it? Is it easy to access? If you don’t plan on needing to access your locker often, then this is less important. But if you enjoy decorating every season, you might want easier accessibility to find your storage containers of ornaments.
Additionally, where are the elevators and stairwells in relation to the unit? How long will it take to go up and down from the ground floor or underground garage to your condo? Also related to sound proofing, if the elevator is close to your unit, you may hear the doors, and the neighbours getting in and out of the elevator if your unit is close by.
Pet Policy
Even if you don’t have a pet, the rules around pet ownership are still important. Investigate what types of pets and how many are allowed for each owner. Spend some time in the common areas to learn more about what a day in the condo would be like. Is it heavily trafficked with pets? Could noise be a problem?
Status Certificate
If you are buying a condo, you’ll want to request a copy of the status certificate. This document provides essential information specific to condominiums, including the financial status of the unit, the financial status of the condo corporation, and any lawsuits. The status certificate would disclose if the current owner has outstanding maintenance fees. It will also reveal whether the condo corporation has any financial issues, such as a bankrupt reserve fund or ongoing special assessments. It will also disclose condo by-laws, lawsuits, budget, and rules, such as whether Airbnbs are allowed, rules for renting out units to long term tenants, and more. While the financial information is important, the condo declaration and rules can impact your enjoyment of the unit. There could be rules prohibiting smoking, or even specifics about how you can decorate or modify your unit. Your real estate lawyer will review the document and advise you if they identify possible issues.
While this may seem like a lot to consider when buying a condo, reviewing the above list and determining what you want now will save you time and headaches in the end. Are you ready to move to the next stage? Let’s chat. hillary@hillarylane.ca 416-882-4707
Photo by Frank Wang on Unsplash
