Investing in a condo is one of the best investments one can ever make. However, if not handled well, it can be stressful. Homeowners at times do not have the right information required to choose an appropriate condo. It is essential to look for the one that gives you value for your money. Have you been looking for a new condo but do not know where to start, worry no more. PreCondo offers new condos on GTA and Toronto. This article provides you with a list of the things that you need to look for when you want to buy a condo.
It is vital to know how the monthly fees are calculated and operating costs. It is also important to know if you are required to pay any fees in advance. Most condo fees cover cleaners, swimming pools, fitness facilities, gardens and party rooms.
You are buying a new condo, and you need to know how much the fees will increase. It is also necessary to find out if there are any differed costs. When you know the condo fees in advance, you will be able to budget yourself.
The condo budget is also an important consideration when buying a new condo. You need to know whether it is in surplus or deficit. In case it is in deficit, then you have to find out who pays for the debt. Also, know by how much the condo has increased over the years. In addition to that, you need to know if the increase were as a result of utility cost or inflation. Such information is necessary for determining what affects the condo fees.
Repairs can happen when you least expect it. Therefore, you need to know whether you will shoulder the repairs or if it is the responsibility of the condo corporation. Apart from the unit repairs, you should also know how insurance is handled. When it comes to insurance; find out the areas covered by the condo corporation. In doing so, you can know if you need to have extra insurance cover.
A given percentage of the fees you pay on the condo will go to the reserve fund of the condo corporation. The reserve is used to cater for heating, roof repairs, plumbing, sewers repair and electrical repairs.
In case you opt to buy a resale condo, then you have to find out if the reserve fund has enough money. The reserve fund is also used to determine the condo fees.