There are many reasons why more people are choosing to buy condos as opposed to single family homes. It could be the convenience of distance to the shopping and entertainment centers, the perks of owning a home without the nagging headache of yard work, or the affordability that comes with buying condos.
Is buying a condo the right decision for you? It is your choice to make. However, the following things would help you make an informed decision.
Condos are more affordable
Fully furnished homes with yard space and picket fences are going for prohibitive prices. But this should not shatter your dream of owning a home. Condos are currently going for very affordable rates. To add on that, they are located in prime areas. As you will realize later, condo-life is a very affordable option.
You buy a condo, be ready for shared responsibility
Sharing expenses is one of the features that attract more people to make the purchase decision. Condo communities are run by associations that will collectively be responsible for costs like window repair, wall painting, insurance cover among others. If you are looking for a very affordable option and one that will make it easy to live without a deep pocket, this is where you should go.
Understand the demographic
You must know the kind of people you will be living with. Most condos have a specific demographic target. There are those meant for retirees, others for school age teenagers and so forth. If your family is in their 50s in search for a downgrade from a single home (after all your kids moved out) you would not want to end up in a condo with youngsters in their early 20s.
You will still need a realtor
Getting help from the property expert is always a big welcome especially for first time buyers. Just because you are buying a condo does not mean you will not need some guidance through the process. You could be frustrated all the way and end up making the wrong decision. But with a realtor you have zero chances of falling into traps.
Condos come with regular attached fees
You will be getting monthly charges dedicated to services such as security. You should also be ready to pay association fees. So before you sign your buying contract, you should factor these expenses in your monthly budget.
There is convenience
Low prices are not the only attractive points for condo living. You will not be sweating to mow the lawn or get under the sink to fix a broken pipe. You will be relying on the sweat of the association. Think of it like owning a home with no responsibility for its maintenance.
Condo associations have reserve funds
Before you sign any paper, you should ask about the reserve funds. This is money set aside for the shared property management. If you see that the funds are dangerously low, it is an early sign of poor management. You are better off looking elsewhere.
Over 20 years experience buying and selling Condos and Townhomes
Condos Of Kelowna
Andy Smith Royal LePage Kelowna
1890 Cooper Rd #1B
Kelowna, BC V1Y 8B7