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When it comes to housing your family, there are several options that you could opt for. The condo is one of the most popular choices that you could consider. Condominiums are better options than houses because of the fewer responsibilities that the homeowners are usually tasked with.
With a condo, you do not have to worry about mowing the lawn or shoveling the snow on the lawns since there are individuals who are tasked with that responsibility. Condos are also cheaper than the houses and are mainly found in the urban settings. Let us look at some of the factors to consider when purchasing a condo.
The location of the condo is one of the most important things to evaluate when you are purchasing a condo. As you are buying a condo, you have to evaluate its value in the long-term since you may just decide to resell it.
The location, therefore, matters since there are certain places that it is difficult to find suitable buyers at suitable prices. Look at factors like infrastructure and the planned developments in the area.
Just like the adage goes, all work and no play makes Jack a dull boy, play and relaxation are critical. The amenities are some of the things that will make your stay in a given area enjoyable.
When we talk about amenities, we talk about the guest homes, parking for visitors, party room, swimming pool, and the gym facilities. In many cases, the number of amenities will inform the prices of the condos.
Rules of the condo
One disadvantage of the condo is that it does not give the owner exclusive freedom as the house owner does. Condos are typically restrictive when it comes to the occupants. One of the standard restrictive measures in the condos is the pet ownership. Most do not allow the owners to have pets in the establishments. Another restrictive measure is the renovation without permission. Make sure that you go through the rules of the condo and only append your signature if you agree with the rules.
The size of the condo is also an essential factor that you should consider when purchasing a condominium. If you have a large family, it could be important to go for a bigger one so that you accommodate your entire family with ease.
The larger the size, the more pricey the condominium. If you have a small family and a limited budget, then the smaller condo is the ideal house for you. For more information on the factors to consider when purchasing a condo, watch the video below:
The prices of the condos are just as a fraction of their real value when they are complete. Most people who work in large cities, like living in condominiums. During the pre-construction period, condos are extremely competitive regarding the price. But it is important to note that condos appreciate over time just like any home. It is essential to note that pre-construction condos have the ability to be a great investment. So you need to ensure that the project of the building is slated for construction at the point where they will never stop the project.
You should consider purchasing the condo at a discount. This is important because when the building is complete, you will spike into the market value and sell your condominium. In this case, you will buy a pre-construction condo with the aim of living it yourself or renting it out for a long term duration. The following are some of the things you need to know about buying a pre-construction condos.
Registration of the condo
It is important to understand that whenever a building has passed all the processes of becoming a legal entity, they are supposed to be registered. Therefore, you need to understand what is required during the registration process. You can ask real estate agents to help you in the process if at all you do not know the steps to follow. During the registration period, the ownership of the condo is transferred to the buyers. Approximately the registration period can take a duration of three to two years.
Builder closing costs
After the condo has been registered, and there is a close on the purchase then you will be in charge of all kind of closing costs. If at all you are interested in taking someone’s contract, you need to ensure that you have checked on the amount closing costs that they negotiated. You also need to ensure that you have checked on the connection fees and you must have extra money for the closing costs.
You need to know the various types of builders involved in the building process. You need to ask the builder the exact time that they will provide a certificate of occupancy. And a certificate of occupancy is given when the building or the condo is nearing completion. At this point, it is the responsibility of the buyer to pay the balance and sign all the legal documents. Check out MCITY Mississauga for perfect condos that will change how your life.