Ben  Basra

Ben Basra

Sales Representative

RE/MAX Metropolis Realty Brokerage*

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Mistakes When Purchasing Condos

Interested in condominiums, then ths blog is for you !

checkout the Pre-Construction Condo Finder and or Pre-Construction Condo List to get started on your condo search today

Condominiums can be the right fit for people who are just starting out and have embraced the idea of having their own space.
Living in a condominium community is especially attractive to people who do not yet wish to own a large home or townhome.
Regardless of the lifestyle, there is no doubt that condominiums can take a lot of stress off the typical house owner, emphasis
on house, however many facets can be overlooked when individuals purchase their condos.

Read on to learn more about what mistakes you can avoid on your condo journey, I have separated the mistakes within
the categories below.


Sure, you’ll become the owner of a beautiful condo, the views are gorgeous and you can already picture yourself enjoying
the terrace with your morning cup of joe in hand. You feel a sense of freedom and can hardly wait to live out all your plans
for the space. Before you get too excited, having your own space comes with great responsibility and the condo building
will have strict rules you would have to abide by. These rules you are expected to read will be presented to you in pages
and pages of documents. A few examples of restrictions that are often mentioned when purchasing a condo are the rules
on grilling, move in restrictions and pet restrictions. 



Some questions you should be asking in regards to parking are, do you have a parking spot,
what is the size of the spot, and where exactly is it located?

You know you will have to commute to and from work on a weekly basis and you most definitely need to drive to get
groceries, visit the gym and get together with your significant other, clients, family and friends. It’s understood,
an available parking spot is not something you can do without, especially because you no longer wish to take public
transportation in the midst of a global pandemic. In fact, there’s never been such a dire need to have your own vehicle
in an attempt to escape catching the virus, thus a parking space at your condo community is incredibly essential.


Resale Two Scenerios - Present & Future 


You are aware of the fact that a condo is the right fit for you at this time because it compliments your lifestyle and you
are really looking forward to showcasing your unique style with colored walls and matching furniture. The possibilities
are endless and your creative mind is buzzing with ideas. It’s an exciting occurrence, however you would have to stop
and ask yourself if this condo and designing the space is a worthwhile investment for both now and the years to come.

You are ready to start a family and you wish for your child to have plenty of living space. It would be nice to give them
a fuzzy companion to run around with, perhaps in a beautifully lanscaped backyard. Your dream home list is growing
and so is the size of your family.

Maybe buying a home with a pool would be the great escape you can enjoy once in a while, yes lounging in the sun
with a drink in hand, those days where the weather i sperfect for a nice dip in the pool or for when you wnt to do a light
wokout to get your heart pumping. 

Time to start thinking about reselling your wonderful condo and make memories in a home you can flourish in along
with the little family you will create.


Some resale questions you are bound to ask yourself is, what is the value of the condo? You’ve noted when you
first purchased the condo and noted the changes you made to the space long ago such as the new kitchen,
the light fixtures as well as the cozy fireplace you installed to the once vacant space to make it more appealing
to yourself. Does that mean the value has increased? Will the changes be appreciated by others?


Not to hurt anyone’s feelings but style reflects everyone differently, in that, what seems attractive to one will not be
the case for the other. Keep this in mind when it comes to the resale of the space because you want to make sure
it appeals to buyers so you don't have issues with selling. This is why you have to keep in mind that if the
condominium is only a temporary purchase, investing money in the look should not break your wallet and finally
there’s a high possibility you won’t be getting anything back for your designs. 


Storage Unit 


Yet another facet overseen is the potential for having storage included within the listing or not because potential condo
buyers had not confirmed nor conversed with their agent about this matter which is an indeed missed opportunity.

It could be possible that you had assumed or misunderstood that the units were readily available and that you
would be purchasing a home with storage units. You went ahead and outlined plans in your mind to rent out
these valuable units for additional income. Owning these storage units would benefit you greatly because
you know people are always requiring space for their possessions and will pay a handsome amount just to do so. 


Now imagine the look of sheer disappointment when you discover the storage unit was never actually included
in the listing. Mistakes like these can be avoided if you truly take the time to go through details of the listing as
well as the tax record with your realtor to see if the storage unit is in fact included along with the listing. 



Owner Occupied Units - Owner Ratio / Renter to Owner Ratio 


Make sure you contact the condo management office directly even after you have asked your real estate agent
what the percentage of owner-occupied units is in the condo you’ve purchased.


You may be asking why it would be important to know the investor to owner / renter to owner ratio percentage
and I’ll tell you why.

If the percentage of ratio is higher in renters than in owners, it makes it difficult to lend so potential buyers would
face more obstacles in the actual purchasing of the condo. When the buyers are unable to purchase, the sellers
would not be able to sell, this will result in the value of the condo going down. It is possible the condo you have
purchased has a rental cap or rental restrictions, meaning the community only allows for a certain number of rented units.


In conclusion, I hope you are able to avoid the disappointment due to the mentioned mistakes that could have been
easily avoided.

You can find more information about real estate in my other blog postings. I'm here to assist you and if reading
my blogs has made your real estate process less of a hassle then I’ll know I’ve done my job!


If you have any questions about this blog or have any other real estate inquiries you wish to ask me about,
I am only an email or call away!
➤ (416) 564-7829




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