The best type of buyer is an educated buyer – knowing what to ask can save you lots of time, money and headaches, especially why buying real estate.
Today, let’s look at 3 things you should know before buying or investing in a Kitchener Condo
The one thing you can’t upgrade about a property is the location. Everything else – kitchen, flooring, bathrooms, paint, landscaping etc. can be changed, but location is fixed. Choose wisely!
Our clients look for condo buildings near major amenities like shopping, restaurants and major employers. Recently, investors have started looking for properties near the Light Rapid Transit system that is coming to Kitchener Waterloo, since tenants (and new owners we resell too) like living near major transportation hubs.
2) Age & Condition
The second thing we want to look at before finalizing an agreement to buy a unit in a condominium is the age and condition of the unit, and the overall property.
Most of our clients stick to condos about 20 years old or less, with many buyers prefering to purchase new condo construction like the Kaufman Lofts (now built), Centre Block, or any of the developments in Waterloo like Bauer Lofts or 144 Park. Many buyers and owners just find less maintenance with newer properties, although each complex is different; we recommend getting a home inspection done before purchasing a condo.
3) Financial Health of Corporation
The third thing often gets overlooked, but is very important. When you’re investing in a condo unit, you’re also buying a proportional share of the condo corporation, which controls & maintains the condo, and is made up of people who own units in the complex.
If the complex is mismanaged, and there is a budget shortfall at the end of a year, they will come to YOU as an owner to make up this shortfall.
This is why we do our due dilligence before ‘firming up’ a purchase agreement, and reveiw the Status Certificate with our client’s lawyers.
Buy in a good area; buy a well maintained condo; research the condo corporation financial health before committing.