Executive Condo: Things You Need to Know Before Buying One

Executive Condo: Things You Need to Know Before Buying One

When purchasing any type of property for the first time, there is a need to be very ardent and careful so as to ensure that your decisions are well thought out and that you are not harmed at the end of the day. There are some things that you may overlook when you are trying to acquire a Rivercove EC and you should be aware of them so that you will be able to plan well ahead. If you are buying one for the very first time. There are facts and steps that can be of great help so as to ensure that you make the best decision.

Cost is one of the things that you are required to be aware of. The reason why the cost is very important is that it determines how well you can afford the condo that you plan to buy. When you have the cost at hand, you can easily determine the ability you have to really pay for the same.

Funding is the other very essential thing that needs to be considered. Do you have enough savings to pay for your Executive Condominium? If not, how far are you willing to go so as to get the funds needed for such a property? There are so many people who choose to take a bank loan which is good if you feel the interest rate is reasonable.

Whatever your reasons, living in a condo has its advantages and many people appreciate them. Some buildings include a swimming pool and a fitness centre all offering the opportunity to own without having to take care of the maintenance of his building.

There are advantages and disadvantages to buying a condo and the process of buying it is different from that of a single-family home. Important aspects to consider and it is important to know the right things to consider before you buy an executive condominium unit.

How is soundproofing?

Before buying a condo, check the soundproofing of the premises. The thing that condo owners complain about most is poor soundproofing. Before signing the purchase agreement, ask the top, bottom, and bottom neighbours to open their TV or stereo to a normal volume. How’s it going? Also be aware that it is the soundproofing that makes the apartments on the ground floor and the top floor sell a bit more expensive.

How do the monthly condo fees of the coveted apartment compare with those of neighbouring buildings … and what services are included?

Before you prepare an offer to purchase, compare the current condo fees and ask for a list of services that are included. For example, condo fees for some condominiums include central heating or air conditioning costs, while others pay for heating and cooling.

Has the coveted unit been inspected by a professional?

Whether you want to buy a new condo or an apartment for resale, it is essential to add to your offer to purchase a clause on the inspection of the property by a professional. If the seller already has an inspection report from a reputable professional, consider accepting this report to save inspection fees that can easily be as high as several hundreds of dollars. If you decide to accept an inspection report already prepared, make sure it comes from a licensed home inspector and ask to speak to the inspector who drafted it.

Is the seller contract for the condo unit clear and understandable?

As with any real estate transaction, make sure that all the promises and statements of the seller or its broker are recorded in writing. For example, if the broker responsible for sales on behalf of the developer promises that the spaces surrounding the building will be landscaped by a landscaper instead of being left as is, this promise must be included in the sales contract and signed by the developer.

What does the insurance cover?

Make sure you get a copy of the condominium’s insurance policy. Check what is covered exactly, including the costs to upgrade the building to comply with the Building Code (if it is an old building). Also, ask when the last assessment and estimate of the reconstruction costs was and that they are neither too low nor too old.

The purchase of a condo should not be taken lightly. Several important aspects need to be examined – and they are different from those related to the purchase of a single-family home.

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