Condominium sales are at an all-time high. More and more condominiums are popping up as interest in buying and even renting a condo continues to grow. Cities such as Toronto and Vancouver are jarred with people who are interested in purchasing condos, because of the excitement of living downtown, as well as the low maintenance and easy lifestyle that goes with living in a condo. With housing real estate prices at the high levels that they are at, a condo seems like a reasonable and affordable way into the home owner’s market. It is especially of interest to young people, as their go-go-go lifestyles don’t heed the time required to do such tasks as cutting the grass, fixing the roof, shoveling snow.
Simply jumping into the market and grabbing a condo, isn’t necessarily the smartest move. Like buying a home, a potential home buyer needs to be aware of what is out there, and more importantly, needs to be fully in tune with exactly what it is that they are looking for.
Search Realty is a Real Estate Brokerage that has helped with the sales and purchases of many condominiums since its launch. Search Realty understands that buying a condo, and a home as well, are one of the most important purchases one will ever make, which is why the company is there to lend a hand throughout the entire process of purchasing a condo.
There are a number of steps to consider when thinking about buying a condo. With Search Realty, all those steps are made easier with the support of their online resources and knowledgeable staff. One of the first key steps is to seek financial qualification, which is simply determining how much mortgage can be afforded. The home buyer must take into account extra money needed for closing costs, moving, land transfer taxes and lawyers’ fees as well. The next step is probably the most interesting. It’s the hunt for the condo. Here, Search Realtly recommends that the potential home buyer see a variety of styles of condos, from low-rise, to high-rise, with and without amenities, such as concierge services, gym facilities and pool.
Search Realty would next advise the potential home buyer to consider purchasing the largest suite that they can afford. The reasoning behind this is that studios, lofts and one-bedrooms are more difficult to re-sell. Here, Search Realty is clearly thinking long-term for the potential home buyer.
Visting the neighbourhood is also an important step. The potential home buyer should take this opportunity to visit both during the day and at night. The home buyer should check for schools, supermarkets, nearby malls, to ensure that travel time to these locations satisfies their desire.
The home buyer then needs to think about such things as purchasing a parking spot (which Search Realty advises, since even if the home buyer doesn’t drive, they can rent the spot out, but have it available when they do decide to purchase a car). Search Realty also recommends that the home buyer think about purchasing a locker. As time goes on, more and more stuff accumulates, and it is nice to have that extra space to pack things away.
Once a particular condo suite has been targeted, the home buyer should find out about visitors parking, and also examine appliances within the condo suite and the suite itself, for wear and tear and damages as well. They should aslo learn about the property taxes applicable to the suite targeted for purchase, ensuring that they have the extra money to afford it. Sometimes it is also nice to have a chat with actual residents of the building, to get a quick feel for what it is like living there, and maybe even some tips on the best restaurants nearby.
Once all that is said and done, Search Realty advises that the potential home buyer makes, at minimum, two visits to the suite, before making an offer. Once the potential home buyer gives ‘two thumbs up’, Search Realty will take it from there, and make sure the home buyer gets the best possible deal for the purchase of the condo. And once purchased and moved in, the home buyer can reap the fact that they are a home owner, and sit back on the balcony, and enjoy the view.
