Is it worth to purchase a condo for investment? Find out the right answer here!

What is a condominium? 

Generally, a condominium, often also known as a condo, is a kind of living apartment that can be independently sold. It resides in mostly the provinces of Canada and the United States. A condo is distributed into many wings or units that have their individual and solitary owners. Many families can live in a single condo but separately. Hence, an isolated society kind of relationship forms.

Therefore, condominiums come under the business of the real estate. So, there are agents, commonly called as financial advisors, who help the needy people in getting their place for living.

What is the significant difference between a condo and an apartment? 

The possession of the building or the place is the primary base for distinguishing a condominium and an apartment. There is a landlord present in the case of a home, but the apartments are free for the selling and purchasing transactions. There are many more secondary elements that offer distinction in a condo and an apartment.

What to look for in a condo for investment? 

There are certain advises that are suggested to the owners going to buy a condominium by the real estate agents that need consideration. A compilation of some of these recommendations is as follows: 

  1. Worth of the condo: A condominium is probably your long-time investment that has to be cautiously made. If you buy a residential building, then you think about living in it for at least ten to eleven years. Thus, you have to be very carefully verified regarding the prevailing price of condos in that particular location. Also, it is advisable to stay in your budget while finalizing the deal.
  2. Hire a financial advisor: The buyer is suggested to be acknowledged with the facts related to the location, area, price, vicinity, etc. before taking a step forward in making the purchase. These things can be clarified only through an experienced financial advisor or a consultant. As these points play a significant role in helping you decide and finalize the deal for a suitable condo for you and your family. 
  3. Basic amenities: A buyer is also required to cross-check the various facilities available in the condo. He can ask the agent or consultant about the condition of water supply, electricity supply, food, etc. for being aware of the position of that condo at the time of making the purchase. No one wants to get late for their work or school due to not having a sufficient water tank for several family members to take a bath. 
  4. Ventilation: This is one of the most mandatory factors that are needed to be looked at. Having a condo with no proper windows and natural light is going to be suffocating. Ignoring this point might lead you or your family members to severe health issues. Problems of the respiratory system, such as asthma, as well as anxiety attacks, might be caused if not verified carefully.
  5. Age of condo: How old is the construction of the apartment? This problem arises when you get fooled by the new paints and maintenance of the condo via agent or consultant. This typical question is must ask from the real estate owner regarding the time of construction of the apartment. 
  6. Add-on costs: Some facilities might not be included in the purchase cost or on the list of providing basic amenities. Services like home decorations, furniture, are separated and needs extra amount payable to the real estate owner or agent. It should be the first question of the buyer to be asked by the agent.
  7. Size and floor of condominium: This primary thing is a prevalent query that is supposed to be a desired one, in the mind of the buyer. Every person makes a purchase of his future residence with a pre-determined size of rooms and other areas. The buyer is requested to check the Ola EC floor plan carefully. The information regarding the size and space of the condo will are already mentioned in the contract paper. But still, you are advised to verify these things on your part.
  8. Schools and colleges: If you do not have kids, you will plan someday; and changing a condo is not an easy task. So, it is counseled to buy a condo that will have schools in the vicinity if you will have children in the future. And if you have college-going children, then look out for options that have colleges nearby. Because the thought of dropping and picking up your kids from far away schools is horrifying for some families.
  9. Neighbors: Knowing the back record of the members living at the next door to you is also essential. However, this thing does not influence many people. But you are still advised to check whether they do not have any criminal background or something negative like that. 

Some secondary things to remember and check upon before buying a condo:

  • Hospitals: It is the most important secondary factor that needs to be checked. In case of emergencies, you might need medical facilities urgently. Thus, select a condo having a hospital or clinic within the vicinity.
  • Grocery market: You will not be in a mood to consume our precious time in going to supermarkets that are miles away from your residing area. Hence, look for a condo that has various grocery shops a few minutes away.
  • Parking lot: It is recommended to see by you the parking space they are providing. In case guests come to your place, there should be enough specific areas for them to park a minimum of two or three cars or any other vehicle.
  • Traffic: Some people are easily disturbed by the honking of vehicles traveling on the roads. For, it is necessary to avoid buying the condominium in those noisily polluted locations.

If you are new in the fields of buying-selling residences or condos, these points will be extremely beneficial for you and will cause you a great deal!