In case you didn’t know, condos are awesome! In this episode, Natalie demystifies the wonderful world of condo buying and condo living. From bylaws to insurance and condo specialists, all this information will help equip you for your first condo purchase.
Condos are basically a group of people with a shared style of living. It can also be the cheapest way to enter the real estate market. In many cases, the entry point is significantly lower than townhouses or duplexes, with the price being a real attraction to first time buyers.
All condos have monthly fees that you must factor into your budget. This is a lump sum that typically includes some utilities, professional management fees and a reserve fund.
Using Certified Condo Specialists when looking at purchasing a condo is critical. These specialized real estate agents provide a knowledgeable layer of discernment into what you will be agreeing to. From breaking down the financials and the bylaws, this type of agent will really do the work to find out all the nitty gritty you need to make a decision. Bylaws even control rental restrictions – a big deal if you are planning to turn your unit into a rental.
“I personally can’t wait to retire in 8 years to a condo. I want someone else to shovel snow for me!. I’m moving into a condo for the lifestyle. It’s easy, maintenance free, and offers me the amenities I am looking for. It’s also an incredible opportunity for new investors to get onto the real estate ladder.”
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