Purchasing a condo can be an excellent investment, but it’s essential to ask the right questions before taking the plunge. Here are some questions you should ask before buying a condo:
Is This an Older Condo?
Building designs have evolved drastically over the last decade; while older buildings had solid brick and cement walls, developers now favour floor-to-ceiling windows trimmed with steel. Unit sizes have also shrunk over the years as space comes at a premium. While today’s average two-bedroom unit may be 700 square feet, older units tend to be much more spacious.
Newer units tend to have an open-concept design, with space focused on a combined living and kitchen area. An older unit is more likely to have a separate room for the kitchen, as well as more oversized bedrooms.
How Far is a Fire Hydrant?
A large factor for insurance underwriting purposes is your home’s distance from the nearest fire hydrant. You’ll be in good shape if your condo is within 300 metres of a hydrant; it’s the safest distance.
Condos within 13 kilometres of a fire hall pose a moderate fire risk because there is likely no nearby fire hydrant. Anything further away than 13 kilometres from a fire hydrant poses the highest fire-related risk, as it would take longer for first responders to arrive and cause more damage to the structure, which increases the cost of repairs and insurance premiums.
What is Included in the Homeowners’ Association (HOA) or Condo Fees?
HOA or condo fees are regular payments that may cover communal items like groundskeeping, utilities, and repairs. Understand all of what is included in these fees, as this information can impact your budget tremendously.
What Are the Rules and Regulations?
You will want to know what is expected from you as a condo owner since there are often a set of strict rules and regulations. If the condo is a townhouse with some green space, are you allowed to plant a garden or add a patio? It’s important to have a clear picture of what work you’d like to do the property and learn if it is within the rules and regulations.
Is Parking Available for Guests?
If friends or family members come over, you’ll want to make sure there is somewhere for them to park their car without any problems arising from the HOA or condo corporation.
Are Special Assessments Common?
Special assessments are additional charges that owners may face if major repairs or renovations need to occur; asking about this ahead of time can help you plan for any potential expenses down the road.
How Much Have Condo Prices Been Increasing in Recent Years?
Asking about price trends will give you an idea of whether buying now is wise or if prices may continue to rise in future – either way, being informed can help you make an informed decision when it comes time to purchase your new home!
Whether you plan to buy a brand new or an existing condo, working closely with a real estate professional who can help you choose a property based on your needs and living preferences is essential.
