When perusing London, Ontario Real Estate, you should give some serious consideration to buying a condominium. Condos represent an excellent alternative to traditional stand-alone detached and semi-detached houses. They are typically a less expensive home purchase, yet remain an excellent long-term investment. Condos for sale in London, Ontario are currently in reasonable supply, in a number of desirable neighbourhoods and locations.
A real estate purchase is a significant step for anyone, both financially and personally. Here’s what you should look for before buying a condo.
Location. Let’s spell that out again: Location. One more time: Location.
It is the oldest cliché in real estate, but it got that way because, of course, it’s true. Think about where your prospective condo is situated. Its location – the neighbourhood, the conveniences, the proximity to schools, and transportation – will determine the asking price, as well as its resale value down the road, an important consideration. Preferably, it’s in a desirable neighbourhood, or one on the upswing. Some years from now, you may be in a position to sell that unit. The location that it’s in will be a significant determinant in how fast it sells, and for how much.
They are different for every condominium. You should have a clear idea of what you want to see in your condo complex in the way of amenities. Those extra features, such as a workout room, a swimming pool, and a party room, may really enhance the lifestyle you want to have. On the other hand, if you have no intention of using them, all those nice extras will be essentially useless. Keep in mind also: the more amenities, the higher the condo fees.
Taxes, Maintenance Fees, Reserve Funds
As a condo owner, you will be a member of a condominium corporation. This entity is responsible for the administration of all the units, common property, and facilities in the condo’s possession. The actions of this group, which elects representatives from unit owners, will play an important role in determining what the reserve funds are, and how they are spent – on maintenance and upkeep, as well as larger repairs and renovations. You should have a very clear idea, in advance, of what your obligations will be in the form of maintenance fees, and the state of the condo corp’s reserve funds. As well, be very aware of what the property taxes on your prospective unit will be.
Size of the Unit, Parking
An important consideration is what size of living space is right for you. An attractively priced condo unit may be the size of a shoebox, and not suitable for your specific needs. On the other hand, too much space, such as an excessive number of bedrooms, may just amount to additional unnecessary expenses for you. Parking is another consideration. Parking spots don’t get thrown in for free with a condo purchase. Check out the specifics regarding parking in any condo unit you’re considering.
These are just a few of the things to look into before buying a condo. Contact us for help with all your London Ontario real estate questions and needs. Happy to help.