Things to Consider When Purchasing a Condo

Purchasing a condo is one of the most important purchases you can make in life. That is the case taking into account the current real estate pricing and valuation in most Canadian cities. It is estimated that an average condo costs about $520,000 in Toronto while in Vancouver it goes for $650,000. You can easily become emotionally attached to a condo you like. There are different things to consider when looking at buying a condo.

Location

condoThis is an important factor that you must consider when purchasing a real estate property. Ideally, the view you see outside is quite important. Therefore, you should do your research and find out about possible future development plans in your area. There are times when units can go up for sale at a high price as owners become aware of future condo projects that can block the view and all the natural light. Although you cannot own a condo forever, you should think about resale plans. Even if a neighborhood is popular and trendy, you should not only rely on that. Look for a condo in a location that offers you easy access to public transport, grocery stores, parks, schools, and a hospital.

Quality of Schools

Ideally, the market price and value of a condo are driven up by the quality of educational institutions in the area. The truth is that most schools create more potential buyers and provide multiple offers. That is an important factor you need to consider when it comes to purchasing a condo. The fact that you are close to schools, your children will study comfortably.

Size

You need to take into account the size of the condo unit. In this case, you need to do your homework and determine the price in relation to size. Ensure you make comparisons with past sales in the same neighborhood before you make a purchase. Studies show that a floor plan with an easy flow was one of the main attractions for prospective buyers. You should check whether all the bedrooms have windows.

Price

Buying a condo may be one of your biggest financial purchases you can make in life. Thus, it is vital to know the final fees and price you will want to pay. It is a good idea to connect with a financial advisor or a mortgage advisor to help you find out what you can afford. As you know, everyone’s financial portfolio and type of condo he or she wants are different.