Buying a condo in Canada: A wise investment option

 

A study says that majority of youngsters now prefer owning a home or a condo at an early age. It was found that 86% of the population among age of 25-34 said that it is good to invest in buying a condo. With a rise in the number of potential buyers for well development homes, developers have come forth offering a larger number of condos for sale in Burlington and other parts of Canada. .

The reasons why people prefer buying a condo may be due to the environment that one would live in. A condominium is developed in such a way that multiple families can live together as a community. This gives one an opportunity to mix around with different kinds of people and enjoy life to the fullest. While a multi- family condo will help you meet families around, a mixed use condo will help you meet families as well as get you much closer to the services and amenities that you may need regularly.

 Unlike a house, you need not pay the entire maintenance fees of the condominiums. These costs are usually divided among the families living there. Many youngsters living away from home usually miss some sort of family bonding. A condominium is the best place for such youngsters who may be studying or living out of their hometown. However introvert you may be, living in a condominium will help you make new friends and create a bonding with all your neighbors .

 

The third most important and usually ignored point is that we may earn enough to live in larger homes, but, at times we do need someone to help us in times of urgency. At such times, when you are living in a townhouse, your neighbors may not have an idea of when you need them. But, in a condominium, you can be sure that your neighbors are always there to stand by your side when you need them.

Buying a condo will always prove to be beneficial as it would help you reach out to people and stay in a lively environment. Moreover, there are many families that would want to live in such an environment. There are also many start-up businesses who can afford nothing but a residential condo to begin with. At such times, you can give your condo on rent to such people and this will yield you a handsome amount.

Important Tips For Buying A Condo In A New Development

Buying a newly built or developed home is a lot more different than investing in a pre-owned home. When you prefer buying a home, that's new, you would only have to deal with the builder or the developer. You will not come across an owner who is sentimental about his property. You can also make sure that the developer asks for the appropriate cost of the home. The similar is the case when you have made up your mind to buy a condo. As there are a lot of options where condos are available for sale, There are certain tips that will help you in making proper investments while you are buying a condo or a home of your choice.

1. Research: The most important task you need to do first is to research about the developer and his reputation. Find out what are the projects he had previously undertaken and what are the views of the residents living there. A developer who has positive reviews from his previous clients can be said to be trustworthy.

2. Be an Early Bird: The trend of “First Come First Serve” can also be observed in this case. It is better to be the first as you would get many more options to select from. You could select the best home that will suit your budget. This is the best time to invest as the prices are comparatively low. There will be a considerable rise in the price as the time passes and the buildings are close to completion.

3. Ask the terms of Measurement of the Area: Before you make a decision of buying the home, you need to find out about how the developers calculate the per square feet area of the apartment or the condominium. Find out whether it is calculated by the distance between two exterior walls or the area that is present between two interior walls. The method of measuring this area differs from builder to builder. Thus, you need to make sure what is the area that you would be paying for.

4. You can ask for Customary changes: There are buyers who would like the developer to make certain changes while the home is still under construction. Changes could be replacing a bathtub with a shower or adding some additional features such as addition of speakers and so on. It is easy to make these changes in earlier stage rather than modifying the home after it is ready.

5. Consider the Resale Characteristics: While buying a condominium, it is important to see that it is present in a prominent location where you would get an adequate resale value for your home.

The above tips will help you take the right decision and also help you obtain benefits for the future. Make sure you consider all these points along with the factors that you are looking for in your dream home.

How are condominium fees calculated?

The world is seeing an increase in population. There are more and more people growing and thus there is increase in the requirement of basic needs such as food clothing and shelter. People want to buy their own homes, apartments or even condos. Thus, like many other parts of the world there are condos for sale in Niagara too. There are people who would love to buy condos in such beautiful scenic locations. Once people find a home that best suits their needs, it is usually seen that they are ready to pay any amount that they are asked for. It is important for one to know the exact method of calculating the fees for a condominium. Here are few factors that are usually considered while setting the fees for a condominium.

The price of a Condominium includes the maintenance costs that need to be paid. Unlike rent, these are non-profitable sources for the management. These fees are usually used for paying utility bills along with the cost various maintenance works such as window cleaning, house cleaning, gardening, snow shoveling, and many more. These fees are highly dependent on the size of your unit. A larger unit will cost more than a comparatively smaller one.

Another type of fee that is included is the contingency fee. According to the law, every condo owner has to maintain this kind of a fee. This fee is used to cover up other special costs needed for building upkeep like changing or repairing the roof, the heating or the plumbing systems.

The cost of the maintenance for townhouses are comparatively lower. Usually each townhouse has its utilities metered separately. Thus, one need not pay the maintenance costs. Although a townhouse owner saves these fees, there are other fees that need to be paid for the other common areas, the security and many other general costs.

Each individual condo building may have different facilities that it may offer. The fees may vary according to what is included. Some buildings may have an underground parking and a beefed-up security. While a few others may have a well equipped gymnasium and a swimming pool. Make sure you note down all that the condominium is offering you and agree upon a price that suits the facilities availed.