Usually, when buying a condo, you’re looking for a place to make your home for the next little while. A few cases have some buying a condo to flip and rent out to other people looking for a home. No matter what the reason you’re buying a condominium is, it’s important to recognize that it is an investment and in order to get the most out of your money, you should be searching for a few particular features.
One of the best reasons to go with a condo rather than a rental apartment or even a house, is that you’re more than likely guaranteed quality appliances that are either new or have been upgraded. Also, more often than not, your condo will have a washer/dryer appliance in the unit so you’ll never have to use a community laundry room.
Every condominium has its share of security measures to make sure the inhabitants are safe and feel safe. Make sure that the building has 24-hour security guards, cameras and video surveillance, locked exterior doors, locked access to community facilities, well-lit parking areas, hallways and common areas so you or your tenants will have nothing to worry about.
As discussed on this blog before, storage space can be hard to come by in condos. There will always be witty ways to save space but nothing adds up more than a locker or extra room. Many developments provide an extra closet outside of the unit for things like boxes, bikes and other equipment.
4. Unit Upgrades
It just takes a quick visit to a neighbour’s condo or different floor to see that not all individual condo’s are built alike. While an upgrade can cause the cost to go up, it might be the right move for you. Units in the same development may have different packages from which to choose and can include extra parking, better bathrooms or even already installed window treatments.
Looking into what you’re allotted when it comes to parking can help you out greatly. Besides the park that is assigned to your unit, you could be given a few visitor parking spots. Some developments may even have gated parking or a gate house staffed by security personnel. These added security features are often viewed as very valuable by condominium owners.