The current trend towards condos is worth rising eyebrows. Investors and home seekers have decided to forego the ancient homes and adopt the current condos. But are you just blindly willing to move with the trend as fashion, or you wish to understand what exactly surrounds the condos and why the home seekers find pleasure in the condos as opposed to homes?
According to Corktown Condos, a condo refers to single sold units in a communal living home that would adopt the flat structures or storage buildings just as apartments.
But unlike the apartments, the units are sold out independently and the homeowner has fundamental rights and claims over an acquired unit in the given structure.
Also, Condos have common areas for communal ownership by all the stakeholders in the given condo. As opposed to the traditional homes, one is personally responsible for the unit but the exteriors plus all the amenities are the responsibility of the community in the particular condo.
Therefore, with the drastic change from the traditional homes to the condos, it would be necessary for a person in the 21st century to have a well vast knowledge regarding how to buy a home, for the maximum benefit with no regrets.
Stay Within Your Budget
Firstly, it would be necessary if not, mandatory to mind the personal financial muscles before you engage in the idea of buying home. But knowing the financial muscles does not only limit one to the ability to feel sufficient, but it stretches to specifics like the ability to comfortably meet the cost which comes with the acquisition of the homes. As such, it would be necessary to comprehensively understand the home price ranges.
According to housing statistics Canada, an average house in Toronto Canada as in 2019 would go at $750,000. This variation is seen with average house in Vancouver going at $1 million, $378,000 in Montreal, $378,000 in Fredericton, $458,000 in Calgary, $320,000 in Regina, $300,000 in Halifax, $391,000, in Ottawa and $316,000, in Saskatoon.
Averaging the costs would bring the costs of the home to $479,000. However, statistics on the condos have a wide deviation from the homes.
A condo in Canada would cost about $20000 with the monthly subscription to the homeowners association averaging about $200 to $700.
Putting the two statistics to the scale, it would be a little bit confusing to find a cost-effective alternative for the home. However, looking at the overall costs of the two through a magnified observation, it would be advisable to mind condo if cheaper is the best alternative.
Condos go for a lower price as compared to the home since the monthly charges are lower compared to the prices for maintaining the home at an individual level.
The lower cost is in addition to the relatively lower purchasing costs of condos against the overpriced houses. Therefore, the condo has an added advantage as compared to the ancient home.
Consider the Amenities
The developers and homeowners of condos try as much as possible to make them quite enticing and habitable for the communities. As such, the majority avail the gym clubs, golf training, swimming pools, and playgrounds, among other benefits which would make life more comfortable in the condos than any other place.
If a condo is a choice which we presume it is, then deeply find out the number of amenities availed to the condo before making the purchase. Corktown Condos would be the best place to begin gathering necessary information regarding the amenities.
However, there is some truth to remember lest you get obsessed with the quality and quantity of amenities. The truth, in this case, is about the Homeowners Associations (HOA).
Remember, choosing a unit in a condo makes one a co-owner with others in the same condo. This ownership has restrictions and provisions such as the HOA monthly charges that exist in the by-laws which are among the major documents a homeowner is made to sign.
Mind Your Lifestyle
While seeking to settle in a particular home, lifestyle is the most significant factor in mind since everyone has preferences, and dislikes. The preferences should be the main guiding factor while comparing various condos.
Remember condo is the home where all great memories will be made for the entire lifetime. You are the best and you only deserve the best. Start by searching for the dream place first. Which town and environment do you wish to live in for the rest of your life?
Explore various places and fall in love with the localities of the certain places within which you will restrict the search for the home.
Once the locality is established, seek to find the comprehensive details of the amenities in the given condo, and the governing bylaws. Various condos have varied amenities. It is always about the interests and individual preferences.
Match the interest with the sports and the hobbies which you love and narrow the wide list of condos to the sorts which have more of the likes and less of dislikes.
From the few that remain, break the tie with the one which will complement your hobbies fully. The type of condo of choice should be the most conducive and can only be established by reading through the bylaws which regulate the relationship among the unit owners.
The specifics to check are regarding the sound restrictions, use of parking areas and amenities among others.
Mind the future plans
Tomorrow only waits for those who plan for it and so should you. Think about the entire lifetime and gauge if the home to be purchased will complement the dreams.
A home might have all the necessities at the moment, but will it be conducive when your family grows, or when your advance in the age?
Put all the future possibilities in the plan today and get a home that will remain valuable to you even when seasons and situations change.
The condo would be a better alternative for future-minded home seekers because they are appreciating in value every single day. The reason why condos remain valuable is that they keep on advancing in complexity and their demand increasing every day.
An implication that there are great future possibilities of making a profit out of your current home when it no longer serves your interests. Also, condos give greater chances of interacting with families and creating social groups that are fundamental to human beings’ development.
If one is advancing in years yet they have smaller families which might not be together all the time to give social life, again, condos are the best alternative because their setting provides the necessary social needs.
Most people in the same condo must somehow share interests and hobbies. Therefore, they will always regroup together in the condos.
Know the future costs
If purchasing the real home is still the personal choice, you should be aware of the future costs to be incurred in terms of maintaining and re-modification. These costs are incurred individually and would demand personal management and supervision to ascertain effectiveness and efficiency. The cost would also depend upon the individual agreement with the right personnel.
However, if the trending condos are the most suitable for you, it would be mandatory that the necessary precautions which comprise of keenly understanding the provisions for meeting the other emergency costs like a breakdown of the temperature regulatory machines, faulty faucets on swimming pool among other costs.
The emergency costs are in most cases included in the monthly subscriptions to be paid communally. However, in some instances, individuals must be ready to give in extra costs after an emergency has happened.
In this particular instance, the risk assessment team conducts the assessment, establishes the costs which are distributed among the members for incurrence.
At this juncture, the latter option could be tricky and costly in the long run since the nature and intensity of emergency disaster cannot be predicted yet inevitable hence the future costs would be massive.
It is therefore highly recommended that one should consider buying condos where they would be meeting the emergency costs in small bits.
Understand the governing rules
Having made the right choice, it is eventually important to ensure that the binding rules are studied keenly with an interpretation of the legal representative.
These are going to limit the movements, the freedom of expression, and the sound among other aspects that are founded within the social context.
By-laws vary from homeowners association to the other and failure to consider them in purchasing condo would lead to incurring fines, unpleasant restrictions among others that make life difficult for individuals.
It is mandatory to be sure that all is within the manageable limits before settling for a given condo.
Understand the conflict management
Just like any other complete society with the varied human characters and interests, conflicts must occur. Since conflicts are inevitable, it is vital to understand how they are resolved and if the resolution processes provided in the bylaws can really make you comfortably acquitted in case of a wrong claim, or justice done in case of infringement on the individual rights.
For some homeowners association, the rules are so strict that breaking them would lead to a conviction in the courts of law, and heavy fines. Also, some associations could foreclose on the property in case of repeated failure to incur the necessary monthly contributions. If fully satisfied with the home, proceed with the transactions and start living in a new home.