Quote:
Originally Posted by Armind
So what would one have to consider when buying a condo?
I'm a newbie and am slowly trying to pick up knowledge as I am in no rush (deciding to rent vs. saving up for downpayment).
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Well obviously it depends on what you want and if it fits your lifestyle (kinda goes without saying). But here are some things to look at. I recently just bought a new condo too so things are still fresh in my mind and I slowly gained new knowledge one step at a time. Below were some things I considered when I was hunting.
1. Size. Are you looking for long-term? Possibly start a family etc? Or just for yourself.
2. Location. Proximity to Skytrain/Canada Line station? Is nearby green space important to you? How's the neighborhood like? High crime rate?
3. Location part 2. Being too close to a station or the tracks can be bad too especially if it's a lower floor as you can expect noise. Also is view important to you? Make sure to do your research on the surrounding areas as there may be future tower developments that could potentially block your current view.
4. Amenities. Fitness room/sauna/pool/lounge/entertainment room? What about other in suite bonuses like air-conditioning, gas cooktop, kitchen island, walk-in closet etc.
5. How many units are in the building? The more units there are, the more people you would have to share the elevator with...it may be minor but still something to consider. Also, if the building has tons of one-bedrooms, then maybe there are more renters instead of actual end users? But I don't have statistics to back this claim up though...lol just a feeling.
6. Pet considerations.
I'm sure I missed a couple of key considerations but this should be a good start for you. Some may not matter to you at all.
Edit: I missed mentioning the age of the building and saw Westopher mention it as soon I submitted mine. Also just want to add that I jumped the gun a little and assumed you are looking at a high rise concrete building (which is what I purchased) so my bad. There are TONS of low rise 4-6 story condos all over the region too.