Tag Archives: Condominium

How To Prepare For Condominium Buying?

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If you are all set to buy a new condominium, here is what you should do. Specialist condo real estate agents go beyond the ordinary to deliver the best deals, satisfying your requirements while introducing you to the most contemporary architecture of modern times. Mirvish + Gehry condo is one such endeavour to get you the best buys in the art and entertainment district. www.realtormag.realtor.org/ covers all the trends in the industry to educate buyers and sellers on the latest happening along with fresh statistics.

What to look while buying a new condominium
Get the layout right. Check the floor plans for the unit and verify the measurements. In condo buying, it is extremely important to ensure that the floor area is just the interiors and not the exteriors or the interior wall floor space. The boundaries of the unit have to be well defined to acknowledge the reasonability of your unit. Check with the municipality about future structures in the complex and how it could affect the lifestyle of the present unit owners.

Determine if there is an option to decrease the height of the ceiling inside the unit. The ceiling height is reduced to facilitate electrical, plumbing and mechanical services. This could be crucial to the design philosophy and could also impact the lighting fixtures and placement of furniture. Some associations do not allow changes to the doorway, walls, windows or doors and if it is allowed, determine what the charges would be. Check for features like disability-friendly access and check if universal features are included. Identify the location of air conditioning and heating equipment. This may occupy a lot of space and can change the aesthetics of your unit.

Ensure there are no hidden costs when purchasing or renting a condo. Long-term leases on maintenance could affect the owner. Figure out the extra cost involved in the selling price. Check whether common amenities access the pool, park, clubhouse, parking, etc. are included in the price or exclusive. Find out whether the cost of utilities like gas, water, electricity are covered in the condominium fee or metered separately. Verify if the monthly condo fee is affordable. After the first year, the condo fee is likely to be increased or after the first reserve fund is over.

If the condo units are just being built, find out about the date of completion, the date of occupation and make sure it matches the purchase agreement date. While making an investment in a condo, it is important to get a thorough understanding of the unit. Talk to the developer and clarify aspects like:
· Efforts to contain noise pollution
· HVAC installation in the unit
· Control on the exteriors
· Energy efficiency of the building and systems to maintain its effectiveness
· Water saving fixtures and faucets
· Maintenance of heating and cooling systems
· Options for floor finishes, walls, electrical, plumbing and cabinets
· Environmental considerations

A consultation with a property lawyer is advised for verification of the deeds and purchase documents.