 |
Multi-family developments are gaining in popularity, thanks to low-maintenance lifestyles and affordable price tags.
We decided to ask the experts: What are some tips for purchasing the right condo for you?
Understanding what a condominium is, is the first step for every interested buyer to take before diving in headfirst, says Garry Leitch, director of sales and marketing for Assured Developments Ltd.
"First, people need to know 'What is a condominium?' A condominium typically refers to a form of legal ownership, as opposed to a style of construction.
Condominiums are most often thought of as high-rise residential buildings but this form of ownership can also apply to townhouse complexes, individual houses and low-rise residential buildings," says Leitch.
Deciding what type of condominium suits your needs and lifestyle is an important factor.
"New, re-sale or conversion -- what are the differences? The term 'new' is applied to condo buildings that are either under construction or have been newly completed. The term conversion can mean the building was previously used for something else but has been, or is to be, renovated for residential use. Resale condominiums are units that have already been occupied, typically in older buildings, and are offered for sale by the current owner. There are advantages and disadvantages to each, and the purchaser should look into them."
Paying close attention to your lifestyle needs is an important concept to keep in mind when choosing the right condo and floor plan, says Garth Mann, president of Statesman Corp.
"If you are a mature purchaser, you may prefer a master suite and ensuite on the main floor along with living spaces and laundry.
"The guests and/or grandchildren will enjoy privacy on the second floor with two bedrooms and a media room," says Mann.
As always, location is very important when choosing the right condominium for you.
"For example, when we developed our Patricia Landing in Garrison Woods, a classic Craftsman architecture was selected, reminiscent of communities with front verandas, along with the "hominess" of neighbours waving as they enjoy the walk to community pathways and parks."
With a condominium, you are paying for a maintenance-free lifestyle, so understanding where your dollars are going is very important, says Leitch.
"What are the current monthly condo fees, and what do they include?