Condominiums are a more popular option for first-timers and those who have just started their career simply because investing in a condo unit proves to be more affordable than buying a concrete house. For this reason, most people will be most likely to say no when such offers come to them. However, despite its status among residents as a big no-brainer, there are still questions that people need to answer before deciding to buy one specific unit. These questions will help them sort out their choices and expose the plus and minus points of living in a condo unit.
One problem that may arise is that people cannot get the immediate answers to the questions they are asking before trying to live in the unit purchased. While it may cause fears for first-timers, it is totally normal. Features, amenities, and charges are what prospective buyers need to know. Some agencies charge slightly different prices for two different units with different sizes and structures. Thus, inquiries are what they need, and they can visit and review their sites to see more about the unit.
How Much Are the Monthly Fees?
It is common for homeowners to be responsible for all the home-related expenses. However, things are different if one lives in a condo. Residents will need to pay for the Home Owner Association that covers property taxes, maintenance, and repairs. It is vital to know the amount of money that one will spend on it. It is also advisable to ask what the fees cover since different building may have various regulations. In short, making inquiries about what one needs to pay monthly is crucial so that they can prepare a certain amount of money before the due date.
If you are a pet owner, you will feel the urge to make things clear about the matter up front. Some condominiums allow the residents to bring their pets while others are quite strict when it comes to no-pet policy. Thus, asking before investing is indeed advisable.
What About the Rental Cap?
The next thing to check is the presence of a rental cap in the unit. The term refers to the regulations about the maximum number of rented units in one building. Please note that condominiums often abide by the rules that most of the units are owner-occupied and only a few of the units can be rented out. If you plan to rent or lease the unit you have, of course, you need to make sure that it is not against any regulations.
Buying a property or condo is one of worth investments that you can make. Buying a property in Canada has become very expensive due to the increasing demand. This is something that has made many people wonder if it is a good idea to invest in real estate. Some of them do not have any idea of what they should consider or watch out for. Even if the decision-making process may differ amongst individuals, there are certain things that need to be taken into account when buying a home. They include the following:
Some of them fear that the market can fall. Those who have bought houses in the past have greatly benefited from the rising prices of houses. However, these prices fall sometimes. For instance, there was a crash in the housing market in 2008 in the US which affected even Canada. Many people lost money, but prices have recovered since then. There was another market crash in Canada from 1990-1996. These are some of the issues that occur when there is a slowdown in the economy.
Local markets differ
The housing markets are known for varying widely from one city to another. For instance, the average price rises by 9.5 % yearly in Calgary, 6 % in Greater Vancouver and 8.3 percent in Toronto. This is according to the data provided by Canadian Real Estate Association. The prices in Vancouver and Toronto are always increasing due to a large number of people who are moving there every year yet space is limited.
Transit lines can boost the property’s value
Homes that are close to the transit line have high value because of their demand. Most people are interested in buying homes that have the shortest commutes. Such places are considered to be very convenient especially for those guys who use public means of transport.
Apart from the existing lines, it is also important to consider the proposed transit lines. The amount of inconvenience during the construction phase should also be taken into account. You should avoid buying a home near new train stations. Otherwise, you will be forced to put up with noise and dust.
Buying an inbuilt property can be very risky at times
Buying a pre-construction is considered to be appealing bat it is very risky. For instance, you might not know what else will be in a building when you buy a condominium from a plan. Other buildings will have renters who are dirtier or noisier than the owners.
There are different types of properties when it comes to real estate in Canada. Property owners, developers, and investors are always coming up with new structures. The following are some of the main types of the emerging trends in Canadian real estate market.
There has been a relentless and rapid growth rate in Canadians retail sector. This is mainly attributed to the expectations and changing needs of the consumers. There is a varied picture that is represented by the retail property across Canada. Flexibility and creativity are the important success factors or retail property investors and owners.
Everyone on this market needs to rethink whatever he or she is doing. In these days, retail centers are being converted or transformed into destinations to meet the customer’s needs. Apart from shopping, people want to visit and spend time in these properties. This is the main reason why investors are incorporating public services, cultural programming, a wide range of services and public spaces in retail properties.
There is a steady demand for these structures in different cities actors Canada. Condo units have always remained attractive especially to the young professionals who have a strong appetite for live-work-play lifestyles. There is also another factor of the retiring boomers who prefer living in condos that are close to urban areas. In fact, some of them are selling small-family residences to enjoy the urban amenities. The condo industry has been evolving over the years in response to pressures and new needs.
There has a tremendous expansion in the distribution and logistics sector in Canada. The rapid growth rate has sparked this in of the e-commerce. It has greatly increased the demand for industrial facilities and space. Developers and property owners are coming up with multi-level industrial properties. Other facilities that are in high demand include highly wired facilities. These are designed to support the increased distribution and warehouse centers. More industrial space is developed in the major markets to meet the rising needs of the business and e-commerce driven world.
The outlook for these properties is modest. The Canadian economy is projected to grow by two percent in 2018. This is likely to inhibit the ability of Canadians to purchase new homes. There has also been a great shift that is geared towards the construction of multi-family units.
Canada’s office market has been rising over the past few years. However, there was a sharp drop of about twelve percent in 2017. This was attributed to the new construction projects that outpaced demand.