A condo can be a great option if you want a low maintenance lifestyle and improved security, or you want to be able to afford to live in an area that would be out of your budget if you had to buy a house.
Here’s what to look for in your condo:
A great location
Choose a condo in a neighborhood where houses do not completely dominate the market. This way, you’ll find willing buyers when it is time to sell. You should also look to buy in a neighborhood that offers good transport, neighborhood amenities or local shops and restaurants. Condos that are close to schools, universities and hospitals are easier to find tenants for if you intend to rent it out rather than live in it.
Outside space
Whether it’s a balcony or garden, an outside space is a huge plus. Even if it’s only big enough for two chairs and a table, having access to some fresh air can make a huge difference to the value and enjoyment of your condo.
Natural light
Condos that run front-through-to-back of a building, or are on a corner, are always more popular to those that have only one aspect because they’ll invariably have more natural light. Beware though as they may also attract more traffic noise.
Orientation
Check out which way the condo faces and what kind of light it receives. Those that miss the sun completely can feel gloomy all year round. But be aware that those receiving blazing afternoon sun will be uncomfortably hot in summer without air-conditioning.
How high should you go?
Many folks feel uncomfortable living above the sixth floor but higher floors usually offer the best views and an escape from traffic noise. Balconies can feel windswept on the higher floors, which might be a problem for you. Also, consider the efficiency of the elevators when deciding which floor you want to live on.
Understand maintenance fees
Most condos come with fees to cover the cost of building repairs and maintenance. These are easy to budget for compared with other forms of property ownership, but ask if there is a separate fund to cover costs if there are major issues in the future. Of course, the more amenities your condo block has, the higher the annual running costs are likely to be.