Buying a condominium can be a wonderful experience. Whether it will be the first home you own, or you are downsizing from a house, this sort of purchase takes careful consideration and planning. You will need to think about several details when shopping for a condo that would not be on the checklist when purchasing a house. Conversely, many of the essential factors associated with buying a house will be irrelevant as you view available condos.
What You Should Consider for Your First-time Condo Purchase
The more you research condo living, the better prepared you will be to make a buying decision. Use the following points as guidelines when shopping for your first condominium:
- Real Estate Agent: When you hire someone to show you the condos in your area, work with an individual who has strong experience selling this kind of real estate. Doing so will help you to become aware of contingencies specific to condominiums, such as signing a condominium association contract.
- Special Fees: One aspect of owning this type of home is that certain fees are involved. You will generally be required to pay condo fees at the beginning of each month. You may need to pay two months’ worth of the condo fees initially. Be sure to ask about any other fees that may be required of you, such as a prepaid occupancy fee, an educational levy, a parks levy, and development charges.
- Storage: Since you will not have a garage or a backyard shed, you may need to get rid of some of your belongings. Ask if the building offers storage options apart from the storage space inside each condo. You may want to include the rental of a self-storage unit in your monthly expenses.
- Parking: Find out what kind of parking accommodations are available. You should know whether parking fees are required and if so, how much you will need to pay. Also, ask whether covered spaces are available. If a building only offers an outdoor parking area, you will need to decide whether that is suitable for you. If it is not, you may be able to find paid parking at reasonable rates nearby.
Explore the Amenities at The Davies
If you seek elegant living with plenty of amenities, do not miss a chance to explore The Davies. Our luxury units are beautifully equipped with everything you might hope for in a condominium. We also offer additional space for entertaining, a guest suite, and a conference room, among the many other features our occupants appreciate.