Tag: Condo

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Factors to Consider in Choosing a Housing Type

Moving to a new place can be complicated because there are many factors at stake. First, you might get confused about deciding which type of property suits you best if you are not going to stay in the same place permanently. Second, if you opt to buy a home, there are also various options for you. Condos, apartment, houses, cottage, are only several types of housing that can be on your list. Third, there are some restrictions on each of those housing types.

Investment Value

business districtBefore you decide to spend your money on housing, you have to consider the investment value of your decision to move. If you look for a new home so that you can be closer to your workplace, then you may not need a permanent house. If you want to have a commercial property, then applying a mortgage for an apartment or condo unit in the business district might be the soundest option for you.

People mostly think that a mortgage is profitable only if it is used on buying a townhouse. However, most units in the crowded areas are lavishly expensive, and so is the maintenance cost. Hence, house-flipping is the wisest business model for townhouses, yet it applies only to the suburb regions, and it requires you to wait for at least two to three years before you can reap the profits.

Apartment and condos, on the other hand, will give you fast money if you own them for commercial purposes. In most business districts, condo/apartment units are more affordable than the townhouses in the same area. The maintenance fee of condos/apartments is also less expensive than townhouses. You can validate this statement by conducting a quick survey on property websites. For example, www.mysquareonecondo.ca gives you the price list of both the move-in ready or pre-construction units in Mississauga, Canada. Compare those prices with the townhouse units, and you shall see the investment potential.

The Building’s Age

repainting the doorPurchasing a new building is not an available option for many people these days. Real estates’ price has been increasing rapidly, and it leaves only the vacant ones affordable. Consequently, some buildings might be too old to be sufficient for occupancy. And this condition is where house agencies can play an important role.

If you employ an agency, they will do the investigation for you. You can give them a set of criteria, and they will go to the field to check if any units fit your request. Old buildings may be astonishingly cheap, but then you will be required to spend some money on renovation and maintenance.

The Eco-Friendly Statistics

electrical useThe third factor to consider is whether your desired home is eco-friendly or not. Not only an eco-friendly house will prevent you from being an ignorant and wasteful person, but it will also save you from excessive monthly charges.

You can ask an energy audit to evaluate the power use efficiency in the building and the quality of the electrical wiring. Old buildings usually still use knob-and-tube model, which can eat up more power than necessary. Moreover, it does not have a ground system, which makes it unsafe for you and your electrical devices.

The next thing to do is to call a plumber to detect hidden leaks in the water lines. Leakage can be subtle, yet it may lead to major damage in the building’s structure and increase your utility fee. Pipes also need replacement at some points. Checking on them before they burst can save you from a messy problem.

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Reasons to invest in a condo

A condo is a worthy investment for those who intend to venture in real estate. These are some of the reasons to invest in a condo

Good pricing

One’s budget is a major determinant in buying a house. Before buying any condo, one should find out how much they have and consider all the other involved costs like the service charge fees. However, in most cases, a condo is way cheaper than buying a mansion. It is important that one consults thoroughly to ensure that they get the price and the additional costs right so that they can determine the price of the condo from an informed point.

Enhances socializing

2Condos provide a good environment for the social people. One can easily socialize with the other condo owners when they meet at the shared amenities like the elevator, car park and running tracks. It gives one a chance to make new friends hence expand their social boundaries. For one who does not like being social, then a condo is not a good investment for you. You never know you may find clients for your business just by interacting with the other occupants of the condo.

Worthwhile investment

Most people buy condos either to live in or lease it out to tenants. Whether one lives in it or leases it out, it can also act as an investment. Living in it gives one a chance to attach it as collateral for financing from the financial institutions while the one who leases it out gets income in the form of rent paid by the tenants. One can also opt to sell it once its value has appreciated and get a gain on their investment.

Most upkeep is done for you

The good thing about buying a condo is the fact that all maintenance is taken care of. This is normally catered for by the service charge fees that one pays. There will be no need for one to get a lawnmower or a rake since this will be done by the management. This is an advantage for most people since one gets ample time to do other things since some of these hard and time-consuming tasks are already taken care of. The owners of the condos should keep an eye on how their fees are spent so that there is an element of accountability of the monies paid to the management.

Provision of amenities you would pay for

Most condos provide amenities such a swimming pool, running tracks and parking lot. All these are payable by those not living in the condors. These are among the amenities one can get when they consider buying a condo. It actually saves them the money which would be used for such purposes. One will have to look for a condo which has such amenities for them to enjoy such benefits.

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Good location

Location is an important aspect when investing in real estate. Most condos are found in places that are close to major public amenities such as hospitals and malls among others.