5 things you need to know when getting your first condo
Are you thinking about getting your first condo? I’ve purchased three condos in my life and I’ve since sold off one of those. I had no idea what I was getting myself into. My whole life has been on-the-job training. After going through this process a few times, I feel like I can share a few tips for those of you that want to buy a condo in the near future.
It's not exactly the same as becoming the first-time owner of a house, but there are certain similarities. Here are five things you need to know when getting your first condo.
1. There are fees that you have to pay
Did you find out what your mortgage will be costing you? Did you see how much money you need for moving expenses?
Now it’s time to start thinking about other fees. You have to pay maintenance fees. You also still have to pay for hydro in most cases. This is on top of your mortgage and your property taxes and Internet. There are numerous hidden expenses, and they will add up quickly
2. You have a management board when you live in a condo
There’s a condo-board made up of homeowners and management company reps for every condo corporation. When you buy a home, you don’t think about stuff like this because you may not even see your neighbour the entire summer. But in a condo, the proximity really shrinks, and decisions about the building impact everyone.
3. You still need insurance
You may not have a backyard or a private swimming pool, but you still need home insurance for your property. You have to protect yourself and the valuables in your place. It’s recommended that you keep your receipts and take pictures of your most prized possessions in case theft or damage occurs.
4. You should have money saved up on top of your down payment
As mentioned earlier, you’re going to have to deal with maintenance fees. You should also set some money aside for furniture and decorating your condo. One thing that many of us don’t consider is that your old furniture might not fit into your tiny new condo. You may have to shop for new furniture all over again.
5. You have the follow the rules
One thing that annoys me about condo living is the constant updates and reminders from condo management. There’s always an email going out or something happening regarding the building. The rules are constantly changing. You have to follow all of the rules or you risk being evicted. Yes, you can find yourself in trouble despite the fact that you own the property. This is why people, like my parents, will never live in a condo. They love to have family over and make noise. You can’t do this in a condo.
I personally love living in a condo because I would rather spend my free time at the gym or doing things that I enjoy as opposed to shoveling the snow or working around the home. But you should know what you're getting into.