Condominiums are very attractive investments for most first time home buyers and investors. They come equipped with state of the art facilities, have amenities such as security and front desk service and have maintenance done by the management company. However, most individuals do not know what to really look for in a condominium to make it a sound investment. There are of course a hundred different things to list and evaluate, but we look at the top 5 things that buyers should keep in mind. This list is in no particular order.
1. Best Layout, Maximizing Space
Buyers can easily be drawn into the cozy type of layouts that some condominium projects offer. These layouts may indeed be great, but not as investments. Condominiums already come with limited square footage that must be utilized to the maximum, and anything that prevents this, will be taking away value from your home. Open layouts, without too many walls is a good indicator of a space using as much of the space as possible. Having outdoor space is a plus to as it can become an extension to ones home for atleast half the year.
One great feature to look for is a den. Some den layouts are impractical and have very few uses. However, others can be covered to make a third living space, storage space, an addition to another room, etc. This is should always be looked at and evaluated.
2. Additional Storage
Condominium towers usually provide lockers or additional storage. These can range from tiny mailbox size storage spaces to somewhere to park your bike. it is important you inquire about these as not only is this additional space that is not a part of your property, but it could be an added bonus that may not have any overhead cost. It is certainly something you should communicate with your agent when searching for properties.
Some folks still don’t realize that parking in a new construction condominium does cost money. It can range from a few thousand dollars to 10’s of thousands. This is a significant financial component to consider for most buyers. It is important you ask this when you go to see a property. For most VIP properties, a parking space will be an additional cost. However, if the property has already passed its VIP phase and its closer to completion, builders will offer parking spaces for free or part of a larger incentive, which could include free upgrades and more.
4. Amenities & Conveniences
An indoor pool, gym, media room, party room, etc. These are all the types of amenities and conveniences that a condominium property could offer. It is important to note that by having more amenities, residents are likely to have a larger maintenance fee, that may go up in the future. Having an indoor pool is a sign of higher maintenance. It is important to balance between ones wants vs. ones needs when considering a property.
A condominium building may need evaluation, but so does it surrounding community. It is equivalently important to understand a properties neighbourhood, what conveniences exist around the property, including transit, shopping, etc. What this provides is a good overview of the kind of lifestyle a home buyer will be able to live and also the potential the property will have for resale and renting purposes.