Buying a Condominium: Pick the Project, Then the Apartment
Location, Location and Location. The three things to consider when you are buying a house apply to the purchase of a condominium apartment or townhouse. Pick the Project, then the apartment.
If you currently own a house and are considering a condominium, there are upsides and downsides to consider. For the freehold property owner, the greatest benefit is being able to make his own decisions about his use and maintenance of his property (having regard to municipal by-laws). The greatest downside is having to pay the full cost of repairs and maintenance. There is no one else to share expenses with.
The condominium owner's greatest benefit is the freedom to lock the door and travel. Another benefit is that repairs and maintenance beyond the interior walls of your own apartment are shared with the other unit holders in the Corporation. The downside of this benefit is that decisions regarding common element areas (the halls and lobby for instance) are made by a consensus of the Board. Many homeowners decide this is a small price to pay for the many other advantages of condominium ownership. After all, you can always run for a position on the Board and be at the table where issues are first addressed!
Once you have decided where you want to live, your next task is to find an apartment or townhouse in the complex you like enough to want to buy. Your real estate Agent will be your ally in the search. He or she will sift through existing opportunities and make sure that you get into the ones you are interested in seeing. Depending on your relationship, your Agent may be proactive on your behalf and seek out only units that meet your search parameters.
Incoming search terms:
- calculating price per door