When you buy a condo in Waterloo there are some specific things you want to look for. Doing your research on this end – before you buy the condo – can save you lots of money, time and headache. Do your research first
Location Location Location
Is the condo you’re looking at in a prime location? Will the location appeal to a buyer in 5 or 20 years when you sell and move on? Will the condo rent well to a tenant looking for a home to lease? Is there shopping nearby, and schools?
These are all great questions, and they’re important whether you’re buying a condo to live in, or as an investment for your future.
Location is the one part of a property that an owner can’t improve (as opposed to upgrading the kitchen, for example), so choose wisely. Consult with a Realtor like Benjamin Bach if you have any questions about the area in Waterloo that is best suited for you.
What shape the Condo is in
Some people are looking for a fixer upper, but usually not in the condo complex they’re buying! It’s one thing if the unit you’re buying needs some ‘lipstick’ to make it pretty, but if the condo complex is in rough shape, this will cost you money (condo fees usually go up in those sorts of buildings) and make it harder to rent and resell your condo (since ‘curb appeal’ will be lower). Buy something in a place that looks nice; you’ll do well down the road.
Is the Condo Corporation Healthy?
When we buy a condo in Waterloo like 144 Park or Bauer Lofts, we are also buying into the condominium corporation, which runs and manages the condo buildings and related issues. So, they take care of maintenance, repairs, social/political issues within the complex and more.
If the financial health of the corporation is not sound – they don’t have enough money in a reserve fund to cover unexpected expenses for example – they will likely come to their shareholders (all the owners) to make up the shortfall. Having this happen every year can get tedious, so we verify the health of the corporation by reading the Status Certificate before ‘firming up’ the agreement to purchase and sell.