Have you been thinking of buying a condo for a while now? Here are a few things you must know before making one of the biggest purchases of your life.
More Amenities doesn’t mean Higher Costs
While buying a condo apartment, people often think that condos with more amenities are often highly priced. This is a common myth. Many bigger condos have additional amenities and services like a gym and swimming pool. The maintenance and other charges of these amenities are divided among all the people living in the condo. This way the overall cost is generally not too high. The cost of the condos depends on several other factors like the neighborhood they are in.
Condos don’t have Extra Space
It is important for you to know that condos don’t have additional spaces like the attic, backyard, basement, etc. So if you have any extra luggage or a vehicle, discuss with the condo management and find out where you can park your vehicle and store your extra luggage. Some condos offer residents personal storage space and have a common parking area for all the residents.
Ideal for People Looking for Lower Maintenance
Condos are ideal for people who are tired of the hassles of maintaining a single-family house. Condos don’t have a separate lawn area, home deck, backyard, driveway, or a garden to take care of. These apartments generally have a common garden or a yard that is managed by the condominium management. This means that you don’t have to invest time, money, and efforts in maintaining the extra space of your house. You will only have to take care of your house, its appearance and well-being, and security.
Find out the Monthly Association Fees
Every condominium has a monthly association fee that is not tax-deductible like your mortgage is. These fees include the costs of operating and repairing the gym, party rooms, swimming pools, security systems, gardens, pavements, and the condo structure. These fees are also collected to contribute to the repair fund for an annual or a regular, overall repair of the condo. These association fees are calculated on the basis of the number of units present in a condo apartment.
Get Familiar with the Condo Board
The condo board is in charge of the proper functioning and governance of the condo. This board ensures that the fees are collected regularly, the money is spent efficiently, the management and maintenance of the condo take place correctly, all the repairs are done in time, and all the issues of the residents are addressed properly. Find out who’s in charge of the condo board and be in touch with them.
Condo living is all about lifestyle and convenience. If you are looking for a good condominium, you can seek help from our Edmonton real estate agents. We have several quality condo apartments across Edmonton, offering various services and amenities. We can also advise and help you throughout your home buying process.