Tips for Buying a Condo

When buying a condo there are things that need to be taken into consideration that are not when buying a house.  Below are some tips on what condo buyers need to consider:

• Remember that when buying a condo in addition to your mortgage you will have to pay a condo fee.  Condo fees are different for each complex so it is important you make sure you know what they are when considering putting in an offer on a property. 
  • Remember, also, that condo fees cover different things depending on the complex.
    • Some may cover only complex maintenance and upkeep, others utilities, others use of a pool or gym, etc.
    • Make sure you understand what the condo fee covers before putting in an offer on a property.
    • Remember that condo units share walls, ceilings, and floors.  It is important to consider the possible disturbances your direct neighbors could cause.  Inquire what the soundproofing is like.  Talk to would-be neighbors and get their opinion.
    • Make sure you get a clear understanding of what the parking situation is. 
      • Is it permit parking?
      • Are there reserved spaces for each unit and if so how many?
      • Are there plenty of visitor spaces?

In addition to all these extra considerations remember that you also have all the other considerations of purchasing a property.  Be sure you take it all into account so you can make the most informed decision possible.