Whether you’re a young adult looking to make your first home purchase, a family looking to be more central or a retiree looking to downsize – we understand that sifting through Condo’s in our Nation’s Capital can be a daunting task. Here are some key points that are helpful to keep in mind during the search.

Before You Start, Hire a Real Estate Representative.
Bringing in a professional is valuable for many reasons that include, but are not limited to, being able to access listings before the general public, having access to building information from fellow Real Estate Representatives as well as any further experience they may have had with that condo building.

Understand the Type of Condo That You Would Like.
Condo units range in all shapes and sizes from the standard one level unit, to the split level multi-level unit to the semi-detached bungalow. Carefully review the comfortability you have with the space being offered and the accessibility that comes with it.

Read The Rules.
If you expect to bring fluffy the cat with you when you downsize or have grand plans to remove an interior wall in your living space, make sure to go through the Condominium’s Rules and Regulations.  Some buildings have restrictions that will not allow you to have as much free reign as you would like. Be sure to ask questions as your searching so that you are fully informed before you commit.

Keep The Resale Value in Mind.
If you are looking at a one bedroom unit but are able to afford a two bedroom, keep in mind that a unit with more bedrooms will, most likely, be easier to sell later on as they have a higher demand. Another item to keep in mind is the view from the unit, not everyone would enjoy looking at a garbage bin across the way.

Tour the Neighborhood.
It’s important to like the building but don’t lose sight of also checking out the neighbourhood. To ensure that you’re happy with the location, tour the area at different times of the day over different days of the week to help get a feel if it will be to your liking.

Tour the Building.
Keep high traffic areas (i.e. elevator, stairwell, garbage chute or common areas) in mind when visiting a unit as these can be noisy and not something you want to be directly across from or next to. Also, pay attention to the upkeep of the common elements, common grounds and the exterior of other units. Having a higher percentage of people who rent vs people who own could affect the care level given to these areas and therefore affect your enjoyment, or lack thereof, of looking at these spaces.

Investigate the Monthly Condo Fees.
Make sure to factor condo fees into your budget equation as Condo is different. Some condos may charge small fees but not include any utilities while others may charge higher fees but include more. Comparing each unit’s fee and inclusions separately is imperative.

Look into the Condo’s Financial History.
Condo buildings should have a healthy reserve fund as well as an engineering report that your Lawyer can request once you’ve decided to put an offer in on a unit. This will give you a better understanding if the Condo has necessary funds to make anticipated repairs over a certain amount of years. If they do not, a special assessment could be put into place where the Condo building then asks Unit owners to supply money to pay for repairs.

Check the reputation of the Builder.
To avoid an unnecessary headache, have your agent ask around and subsequently inform you of what they can gather about the reputation of the condominium builder. If the Builder appears to have multiple buildings with issues or items that are not up to your personal standards, it may be best to shift your focus to another building.

 

Ready to get started with your search for the perfect Condo? Call us at (613) 288-2455, email us here, or book a buyer’s appointment to take the first step.