Condominiums: Things to Consider
15 Feb 2019
Have you recently started thinking about a change in lifestyle? Have you ever thought about what it would be like to live in a Condo and whether it would suit your needs?
Now, more than ever, Kingston, Ontario offers a fabulous selection in terms of style, location, price, and amenities, within this unique segment of our local real estate market.
In this article I will explain the basics of what is involved with purchasing and owning a Condominium, highlighting pros and cons to help you determine whether there may be a condo in your future.
Why Buy a Condo?
You may not be interested in lawn/garden maintenance, snow removal, or landscaping.
You want more time for other pursuits such as your career, hobbies, and travelling. Feeling conﬁdent about safety and security of your property while away is another perk to this form of ownership.
Features and amenities included such as ﬁtness area, guest suites, party room, pool, spa etc. are likely right in your building or just steps from your door, and can potentially save you money on gym memberships, or renting space for special occasions. Perhaps you want to live downtown where you can walk or use public transit instead of having a vehicle.
You like the idea of socializing with like-minded people such as a waterfront condominium with waterfront features and boat slips could offer, or one that has shopping, restaurants, and/or ﬁtness facilities either, in the complex or nearby.
Different Condo Types.
Most people think of a condominium as an apartment type dwelling that you purchase ,when in actuality a condo can be a unit in a low-rise residential building (less than four storeys), a townhouse or complex of row houses, stacked townhouses, duplex (up and down or side by side),triplex (comprised of three stacked units, or even vacant land upon which owners can build.
Who are Condos Best Suited For?
Typically, condo ownership appeals to investors, ﬁrst time buyers, parents of students who will be studying in Kingston, retirees who have decided to downsize or young singles and couples. Regardless of your demographic, condo ownership is worth exploring to determine if it is the right solution for you at your current life stage.
What You Need To Know.
There is so much to consider, and so much information to sort through.
For starters, would you like a re-sale unit or something brand new? Would you be happier in a sub-urban environment, in the heart of downtown where all the action is or does the waterfront appeal you?
Ask about Condo fees and what they include. You will also need to review the Status Certiﬁcate for the Condominium Corporation
Are pets allowed? Some developments are very pet friendly, while others are not.
What are the common areas? What repairs am I responsible for and what is covered in my Condo fee?
While many people feel that Condo fees are expensive, they do cover a lot of general property maintenance issues that a freehold property owner needs to pay for anyway.
While Condo living is easy and carefree, you are subject to some restrictions and potential increases in condo fees, so it is best to carefully review the Status Certiﬁcate which outlines all details of being a part of any Condominium Development you are considering becoming a part of.
For more information, and a free consultation, trust in your local Realtor® to help
Contact me for an appointment to discuss what is currently available in our local market.
Laurel Amey, Sales Representative
RealtySource Inc. Brokerage