5 Essential Tips Before You Put a Down Payment on that Condo

For most real estate buyers these days, a condo or strata offers a lot of pros over a house. There’s the fact that they often cost a whole lot less. However, that doesn’t mean investing your hard-earned money into one should be taken lightly. Here are some handy pointers from CBC on what you should know before you shop for a condo:

Go for Bigger Buildings with More Amenities

Some buyers believe that going for small, boutique buildings with fewer amenities can net them lower condo fees. That’s not necessarily the case, especially since bigger buildings with more amenities are able to distribute costs better given that they have more units. Between picking a bigger building with a gym, pool and other wonderful amenities over a small building with few or zero amenities, the answer will depend on many factors. Consider that those amenities could also save you on costs, such as a gym membership as well as add to your quality of life.

Consider Location of Your Condo

Where do you spend most of your time? Most people say at work. Then pick a condo that’s well within walking distance or just a short walk away from where you work. Convenient and easy access to where you want or need to go is one of the perks of living in a condo. If you’re not rooted in any particular spot for work, you could always choose a centrally located condo to make things easier for you to get from one place to another.  Keep costs in mind for commuting, too. If you can take a bus to work instead of having exorbitant car expenses, this could make a condo in a specific neighbourhood a worthwhile investment as well.

Know Victoria’s Neighbourhoods

What’s the demographic of the condo in Victoria you are considering? If you’re raising family, you might want to live in a condominium that’s close to a school, with other families nearby. Support groups are important and having families around can help you and your kids cope with the move that much sooner.  Are there nearby parks and recreation facilities? What about doctors, hospitals, and sports facilities?

Find out about its Reputation

Before settling for just any of the condos for sale in Victoria, ask about the reputation of the building. Does the builder have a good reputation in the community, is he an honest and dependable one? Do your homework before you sign up for anything.

Ask about the Condo Rules

Many condos have restrictions on the kind of renovation and décor they allow. If you prefer your unit to reflect your style and personality, you’ll want to know if limitations of some strata councils may get in your way.

Getting Started on Condo Shopping

If you’ve got your heart set on buying a home and a house seems too big an investment at this point, then maybe a condo is the best housing option for you. So read, ask, and learn as much as you can before you become the proud owner of one. A real estate agent can be a huge help.

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