Condominiums are convenient. They
are located in upscale locations, have prime amenities, and is overall
functional. The functionality and accessibility of a condominium makes it more
splendid especially to younger home Buyers
agent Sydney. But what should you look after when you are looking for a
condominium? Here are some of the qualities.
Building Quality and Workmanship
The condo development world works in
two ways. One: the developer owns the construction company that manages the
construction process; or two: the developer relies on outside construction
companies to bid on the job and then makes their selection and contracts a
builder. In this case, the selection is often based on the lowest cost or value
for money. There’s really no right way to do it, but in the first scenario, the
developer generally has more visibility and control over the management of the
project to ensure construction quality standards are met. So if quality is a
top priority on your list, the choice is clear.
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| image:pixabay.com/en/condo-balconies-balcony-building-2414328 |
Property Interest
As a condo owner, your interest in
real property is conveyed by deed. The interest is comparable to that of any
other owner of a freehold estate in real property, and you are free to sell or
convey your interest at will. Like other types of property, ownership can be
held by an individual, by two or more individuals as tenants in common, by a
husband and wife as tenants by the entirety, or by a business entity.
Amenities
A building’s amenities are an
extension of your living space and should make you feel comfortable and align
with your needs and priorities. If you don’t swim, perhaps a building with an
Olympic sized pool isn’t the right fit. On the other hand, if you like to
entertain large groups of friends, a building with a large, beautifully
designed and functional party room would be more suited to your needs, and
therefore, a better investment for your lifestyle. Or, if you love to run 5k on
the treadmill to burn off some energy after a long day at work, you’ll want to
know what the gym is like. Is it in the corner of the basement with no natural
light, or will you be jogging with a beautiful view of Toronto’s city skyline?
Amenities that matter to you are important to maximizing the value of your
investment so make sure to look closely at amenity drawings and speak to the
sales centre representatives about them.
Covenants, Conditions and
Restrictions
In addition to maintaining the
common areas, the HOA establishes the covenants, conditions and restrictions
(CC&Rs) of the condominium development. These are the governing documents
that determine how the association operates and the rules the owners (and any
tenants and guests) must follow. These are legal documents that are sometimes
called the bylaws or the master deed.
CC&Rs might dictate, for
example, the color of any interior window treatments or the size/breed of
allowable pets. The consequences for breaking a rule might include fines,
forced compliance, a lawsuit or even foreclosure. As such, always review these
documents with an experienced real estate attorney before making any offers on
the unit. If you can’t find the CC&Rs online, ask your real estate agent
for a copy or contact the HOA directly.
Finishes
If you’re looking at a condo
development that claims premium or upgraded finishes such as granite
countertops, high-end appliances, and so on, make sure you get a clear
understanding of what that means. There are no “real” standards when it comes
to finishes; they vary from building to building and developer to developer.
For example, standard finishes included in the base price of a unit offered by one
builder may be equivalent to the upgraded finishes by another builder, and vice
versa.
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