Things to Look for When Buying a Condo

Posted by Gurpreet Ghatehora on Monday, January 25th, 2016 at 5:45pm.

While many people think that the buying process for a condo and traditional home are practically identical, nothing could be further from the truth. Condos have their own set of rules, and it can be to you benefit to pay attention to certain details you wouldn’t even have to consider if you were buying a traditional home. Here are just a few things to watch out for when looking for a condo in Edmonton.

1. Reasonable Condo Fees

Condo fees are the big difference between a traditional home and a condo, and they can be a substantial amount of money. Many condos try to keep their condo fees competitive, but some of the more upscale buildings may have larger fees based on their most substantial amenities. No matter what kind of extras are being offered, always inquire after how much the condo fees are, and what the most recent increases have been. Higher than inflation increases mean the fees may end up costing you much more as you move forward, no increases could set your condo up for disaster later on if something needs to be fixed.

2. Noise Levels

Most condos are in condo buildings, and with buildings comes noise. Some condos are better at noise control than others, and sometimes the best way to know is to simply ask people who already live in the building. If noise is an issue, and you aren’t the type who can easily ignore it, then you may need to go elsewhere for a better-suited condo. Either way, be sure to pay special attention to noise from outside the condo when looking around. It sometimes helps to view it in the early evening after most people are home from work, then you’ll have a better idea about what kind of upstairs neighbours you may have.

3. Amenities

Some condo buildings have some very special extras when it comes to amenities. After all, many developments are trying to stay competitive with those already in the market. Look at the amenities offered in the building before signing on. If they have a gym, for example, see how big it is, ask about how busy it gets, and make sure it’s stocked with equipment you’ll use. If the extras are things you’ll use, it makes sense to pay for them, but if they’re mostly things you’ll never touch, it doesn’t make sense to go ahead and pay for them every month through your fees.

Buying a condo has some substantial differences from buying a traditional home, with a few different things to look for in the buying process. If you’re looking to buy a condo, be sure to look for things like noise levels, condo fees, and the state of the building. With the right eye for detail, you can find a condo that’s better for you, your lifestyle, and your budget.

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