Purchasing a new condo is different from buying a house. This is because there are many factors to consider such as the security, elevator mechanics, lobby services, parking facility, usage of common space, and more. It helps to know what questions to ask before buying a new condominium so you can make the right decision. If you have been thinking about buying a new luxury condominium, there are many essential aspects that you need to consider to prevent any financial loss.
7 Common Questions You Need to Ask Before Buying a New Condo
- How Much Condo Maintenance Fees Will I Have to Pay?
Maintenance fees typically include the charges for using the common areas, making deposits in the reserve fund, paying property management fees, and other similar activities. As the owner of a unit in the building, you would be legally obligated to make the monthly payments. Knowing how much you must spend every month on such expenses will help you decide if it is feasible.
- Are There Any Specific Rules and Regulations for the Building?
Some condominiums have special rules that all the residents would be required to follow such as not allowing dogs in the building. It helps to be aware of such practices and regulations, so you do not face any problems in the future.
- How Old is the Condo Building?
Before making a purchase, you must know the age of the building, so you get an idea of the cost of its repairs. Usually, the older the building, the more repair-related expenses will be.
- What is the Reserve Fund?
Reserve Fund is used towards the capital expenditures of the building. Your monthly maintenance fees will have a portion of it kept aside for this purpose. If you find that it is underfunded, you may want to rethink buying a condo in the building.
- Is There Enough Storage Space in the Condo?
Unlike a house, a condominium will not have a garage or shed attached to it. It helps to know about such things up front before making a purchase, so you know what type of arrangements you may have to make. Ask about parking facilities, guest rooms, and extra space for storing winter skis and bikes.
- Will I Need to Relocate in the Next 4 to 5 Years?
If you are expecting to move in the next five years, you may want to reconsider purchasing a unit. Since it would be difficult to make a decent profit in such a short time, it will not benefit you financially. Also, ask whether you would like to live in the area for the long term. If the answer is no, then you may wish to think about buying a condo in a more suitable community.
- Are There Any Pending Litigations? Lawsuits often indicate that the building management does not do a great job of managing things. As a result of this, owners may sue other owners or the committee. If you find any unresolved legal disputes in the community, you may want to rethink purchasing a unit in the building.
The Davies Offers Luxury Condominiums for Sale in Toronto
At The Davies, we believe in providing the best to our customers. We have exceptional condominiums at a great location with beautiful views of the surroundings. Our condominiums represent the essence of luxury living with modern facilities for a comfortable life. All our suites are artfully designed, reflecting sophistication and elegance. We offer a variety of amenities such as 24/7 concierge services, elevators with private access, spa-inspired baths, and more.