A Few Pointers On Purchasing A Condo When Living In The Urban Areas January 5, 2022

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Living in the urban areas can bring a lot of benefits to anyone who enjoys a fast-paced lifestyle. Other than the chance of obtaining a high paying job, or the ability to save up money as you commute through public transport, the vast options of places to shop are also endless. However with all these benefits, it also comes to mind the expensive cost of living and the value of real estate as well. In short, the more facilities like public transport or shopping malls to the place of living, the higher the price is. Which begs the question, is it worth it to purchase a condominium, or is it better to live in the suburban areas? Well, the short answer would be, it completely depends on you and your way of living. If you are up to investing extra money on condos, you can actually benefit from it in the long run. 

What Exactly Is a Condominium?

It is a cross between a home and a flat, as well as, a piece of real estate that you can buy and own outright. Condo living has several similarities to apartment living. Many condos, for example, are adjacent to one another, so owners frequently share a wall. Furthermore, if you reside in a high-rise structure, your apartment may be above or below the house of someone else. If you chat with family or friends who live in condos, you’ll quickly discover that many people enjoy living in them, while others wish they had purchased a home instead. Whether you are planning on purchasing condominiums around SS2, here are a few pointers when purchasing a condominium to live in the urban areas.

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Look for a place with a lot of job opportunities.

According to experts, the strength of a local property market is usually directly tied to the area’s occupational strength. However, as they point out, condo purchasers should not expect a single business to keep the regional economy afloat. So, how do you find out how strong the local economy is? If you want to go more sophisticated with your investigation, go to the Ministry of Commerce and inquire about work opportunities in the area. By avoiding economically disadvantaged areas, you not only improve your odds of owning a marketable condo, but you also improve your chances of residing in a vibrant, happy neighbourhood.

Evaluate the condominium rationally with your real estate agent.

Your instinctive judgement and evaluation of a condo complex can assist you in making a decision. However, you and your realtor will want to look for statistics that will help you weigh the benefits and drawbacks of purchasing in a specific building. Also, make sure to look into the building’s “reserves,” which reflects the amount of funds that the owners have reserved for major repairs and improvements. If the building requires a new roof but no funds are available, all owners may be subject to a big and special assessment. A poorly financed structure could become a broken down building, rendering it less appealing to potential buyers in the future.

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