Location:
One of the prime considerations is the location. How close is the property to schools, cultural attractions, shopping centres, recreational facilities, work and transportation? How attractive is the present and future development of the area surrounding the property?
Noise:
Assess the levels of noise. Consider such factors as nearby highways or busy streets, driveways, parking lots, playgrounds and businesses. Consider the location of the garage doors, elevators, garbage chutes and the heating and air-conditioning plant or equipment, in relation to the unit you are interested in.
Privacy:
Privacy is an important consideration and has to be thoroughly explored. Make sure that the sound insulation between the walls, floors and ceilings of your property is sufficient. Consider the distance between your unit and other common areas, including walkways, roads and fences.
Pricing:
The pricing of the property you are considering should be competitive with that of other, similar offerings. You may decide that you do not want extra facilities, in which case paying an extra price for the unit because of these features would not be economical. On the other hand, you have to look at the resale potential.
Common Elements and Facilities:
Review all the common elements in the development and consider these from the perspective of the relevance to your needs, as well as the maintenance or operational costs that might be required to service these features.
Parking Facilities:
Are the facilities outdoors or underground? Is there sufficient lighting for security protection? Is there ample visitor parking?
Storage Facilities:
Does there appear to be sufficient storage space for your needs, or will you have to rent a mini-locker?
Quality of Construction Materials:
Thoroughly look at your building and the surrounding development to make an assessment of the overall quality of the development. Hire a contractor whom you trust, or a building inspector, to give you an opinion on the quality and condition of the building or unit.
Design and Layout:
Consider your present and future needs. Are there restrictions relating to the exterior of your unit or any structural changes that you may make to the unit? If you are intending to have a separate room for an expanded family, in-laws or an office, you should consider the implications beforehand.
Neighbourhood:
Look at the surrounding neighbourhood and make an assessment as to whether the value of the residences in the neighbourhood will affect the value of your property.
Owner/Occupiers vs. Tenants:
Ask how many tenants as opposed to owners there are currently in the complex, and the maximum number of tenants allowed. The higher the percentage of owners/occupiers, the more pride of ownership.
Management:
Inquire whether the condo building is being operated by a professional management company, a resident manager or is self-managed. Check out the condominium unit or property in order to give you a better profile of noise factors, children or parties, and the effectiveness of the management control.
Property Taxes:
Compare the costs of taxes in the area that you are considering with those of other areas equally attractive to you. Also inquire as to whether there is any anticipated tax increase and why.
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