The short form of a condominium is a condo. It is not similar to purchasing a small family home. If you are purchasing condos, there are certain considerations you have to take into account. In the majority of the real estate marketplaces, buying a condo is more affordable than buying single-family homes.
What is a condo? It is a shared part of the property with individual possessors of each condo or unit. Condos come with amenities like pools, tennis courts, fitness centers, and parks. Contact The Bread Company Condos to buy the best condos in Toronto. Also, check the condo-buying tips that are explained in the more here.
Decide whether buying a condo is the right choice: Before making a purchase, you need to ask yourself ‘do I need to buy a condo?’ It is important to weigh the advantages and disadvantages of purchasing a condo and a single-family house. A major difference between the two is proximity to the neighbors. When you buy a condo, you will have multiple neighbors at very close proximity. Do you find comfortable living close to the neighbors? You should also determine whether you can pay the maintenance fees for the condos. As the condos come with several amenities, you will be charged for exterior maintenance. If you are a person who likes doing planting and gardening on your own, you would not find condos the right fit.
Check association rules: As condos are located close to another, it is important to go through the regulations and rules prepared by the community. Because of this, many associations have vast rules and regulations to maintain peace in the area. It is necessary to understand that it is not like a single-family home and it is impossible to implement and create your rules or whatever you wish. Most buyers miss reading the regulations and rules, where their attorney would check as part of the buyer.
For example, if you are having pets, you should check with the community whether pets are allowed. Most communities do not allow pets or request to follow certain rules. Other rules you need to check are whether the unit can be rented or given for lease or not. If you have previously had a bad neighbor, you have to check the rules before buying a condo. It is best to buy only if you find the rules convincing and simple for you.
What does the association fees include? The association fees would be mostly the same for the owners or it will be as per the area of the condo. The fees would include maintenance and insurance costs. It is important to check what is included in the association fees and whether there are any exclusions.
Along with the maintenance and insurance, association fees would mostly include snow removal, lawn maintenance, trash pickup, road maintenance, water and sewer services, and landscaping. In certain cases, the association would include electric and heating fees.