Before you go out the door, we have some condo hunting tips you need to know. I am sure there are many questions that you are thinking about and sometimes it is hard to know where to start. If you are a first-time buyer planning ahead just makes sense.
Plan your expenses
Crunch the numbers and find out what you can afford, including the price of the condo and the expenses you have. This should include approximate monthly payment (principal, interest, and taxes), approximate condo fees, deposit, heating, groceries, insurance, etc. Just having a rough estimate will make it all lot easier in the long run as you will have a good idea of what monthly expenses you can afford.
Start your search
Start searching for the location that best suits your needs. Do you want to be close to work, the gym, restaurants, or shorter commute time? Is there an area that you prefer? Do you want a busier location within walking distance of grocery stores, or do you prefer suburbia?
Size and floor plan
A good floor plan will make you happier in the long run. If you will be spending more time in your condo, for example, working from home, you will want a place that has good flow and plenty of light. Here are some tips for choosing a good floor plan: do all the bedrooms have windows? Is there wasted space like narrow hallways, etc.
Price
If you are a new homeowner, the financial aspect of purchasing can be a major financial commitment. Take into consideration if the condo is older and find out if there are any annual repairs scheduled that may increase your condo fees. Check the condo reserve fund to make sure that it is healthy and not lacking in funds.
Again, check with your real estate team to get comparative estimates of condos that have sold in the building. This can give you an idea of what you can expect when you put in an offer.
Condo exposure
This might be one area you might not have thought about. Where will your unit be facing? Is it hot in the summer; does your condo face an eastern exposure? Are you situated near the garbage area? A northern exposure will give you less sunlight for 6-7 months of the year. The best exposure is southwestern with less direct heat but a good dose of natural sunlight.
You might also want to think about what floor you feel more comfortable dwelling on. Some buyers want to be on a lower floor but some like the view and prefer the top floors. Check if higher floors will cost you more money.
Demographic of other owners
Some condos cater to different age groups. Do you want a quieter building with more senior residents, or would you prefer to be with a younger crowd? If you have a young family, you might want a building that has more families dwelling there.
We can help
Our Anne Winch Real Estate Team can help you with the location you desire and will let you know right away if an opportunity comes up that suits your needs. In the last little while, there have been fewer opportunities available to buy so it is good to have a real estate team that has your budget and needs in mind. We would be happy to help you find the best location or condo that suits your needs. Let us help you purchase the condo you would be happy to call home.