For first-time buyers trying to get into the real estate for the first time and looking a for a sizable place, a condominium is most likely the best option yet, the condo market has its own set of constrains variant from buying a home.
But according to Vancouver agent Mike Stewart, a buyer should get aid from an agent who is up-to-date with the area you want to purchase in and also the particular building.
Having an agent who specializes in the area you are interested in prevents you from buying in a building that has errors. It is a common practice for owners to hide certain building flaws to unsuspecting buyers, which will cost buyers in the long run.
Most of these buildings are usually very reasonable to drive away attention for the red flags.
Stewart went on to add, “You never want to purchase the best unit in a bad building because individual property owners can nothing to change the appearance or faults of the entire building.”
But buying in the reverse is much advisable because buying the worst unit in the best building gives an owner the ability to fix the unit without changing the entire building.
As home prices in Toronto and Vancouver continue to get out of the reach of first-time buyers, they are left with very little options to choose from and one of such available alternatives is condos. Condos are way reasonable in comparison to buying a home.
Although buying a house does not come with all the maintenance associated with buying a house, it does have its own sets of costs. Unlike doing the general repairs that come with owning a house, condo owners do not have to do the repairs themselves but they have to paid for it to be done.
Majority of condo buildings have their individual problems hence it is always helpful for the condo’s strata council which takes care of the building to make condo owners aware of all problems on the building.
People intending to buy condo units should be fully aware of the maintenance cost and what they cover and if they are expected to increase with time.
Prospective buyers should thoroughly go through the condo document to be able to grasp all the financial aspects of the building and ensure that the strata council is taking care of all its responsibilities.
In an event the strata council fails to meets to its required obligations, condo owners will have to take care of all the financial needs of the building and do maintenances.
This sets a difference between owning a house and owing a condo. For home owners, they can be able to postpone a maintenance until they have the resources but for condo owners, you do not get to choose when you carry out maintenance.
But condo owners get to abide by rules and regulations in the building such as having a specific number of pets or whether they can make certain adjustments to the building. Some condo buildings are also putting restrictions on smoking in the building.