A condo is a great way for one to climb on the property ladder. Condos for sale in Brampton are available at almost half the price of a single-family home and also there isn’t much maintenance hassle associated with this housing option.
However, before you seal the deal on a condo keep in mind that this housing option isn’t for everyone. So, prior to investing your hard-earned money in a condo, here are a few questions you must ask yourself to ensure this property is the right pick for you.
QUESTION #1- Do I feel comfortable living near my neighbours in tight spaces?
When you buy a condo for sale in Brampton, get set to live real close to your neighbours. This is because condo units usually have thin walls and shared amenities such as hallways, laundry facilities, or a gym.
A good thing about this is that you’ll get to know your neighbours better and feel a sense of belonging in the condo. However, the thin walls and shared spaces can mean you can hear things from your neighbour that you would rather not. This can include conversations, arguments, or even just daily activities such as loud music, television, or footsteps.
The same goes for your neighbours in the condo building too. They may hear similar noises from you even if you’re not trying to be loud.
QUESTION #2 – Can I manage the condo fees along with my mortgage payments?
Condo fees, also known as homeowner association (HOA) fees, are monthly charges paid by condo owners. These fees contribute to a pool of funds used to maintain the building of the condo for sale in Brampton and its shared spaces.
So, condo fees will be an extra cost on top of your mortgage payment, property taxes, and insurance. Unlike a mortgage payment where you get a chance to build equity over time, condo fees are an ongoing expense that won’t go away.
These condo fees can be a significant amount so it’s important to factor them into your monthly budget. You need to ensure you can comfortably afford this payment alongside your other housing expenses.
QUESTION #3 – Am I comfortable abiding by the condo association’s rules and regulations?
The next thing you must consider is that you’ll expected to follow a set of rules in condos for sale in Brampton. These rules are typically outlined by the HOA in the Declaration of Covenants, Conditions, and Restrictions and the condo association’s bylaws.
These condo association’s rules and regulations govern different aspects of condo living such as –
- Use of the property – This may cover everything from noise restrictions and pet policies to limitations of renovations or balcony use.
- Maintaining the property – These rules may specify who is responsible for repairs within your condo unit and the common areas.
- Parking and guest policies – These rules in a condo for sale in Brampton dictate designated parking spaces, visitor parking procedures, and limitations on the number of guests you can have.
- Amenities – These rules will outline how to use and access shared amenities in a condo building such as pools, gyms, or community rooms.
Condo associations often enforce these rules through fines or even legal action. Hence, these condo rules may be hard to swallow for you if you love having complete control over your property.
#QUESTION 4 – How long do I plan on living in the condo for sale in Brampton?
With a condo, you own the interior of the unit but not the land it sits on. In contrast, single-family homes include both the building and land so their price can appreciate significantly over time.
Also, condos are often part of larger developments which means there is a higher supply of similar units. This can limit the individual price growth of a condo as compared to single-family homes which are more unique and low in supply.
So, if you plan to live in the condo for less than 5 years and then sell it, remember that appreciation might be minimal. It’s quite possible that you may be able to recoup only your initial investment. When you factor in closing costs, Realtor fees, and condo fees, the profit margin gets further reduced.
#QUESTION 5 – Which amenities are essential for me?
Condos for sale in Brampton offer a unique advantage over single-family homes – a wealth of amenities. These can range from fitness centres and swimming pools to working spaces and concierge services. But there’s a catch – the cost of these amenities is factored into the condo fees you pay every month.
This is why before setting your heart in a condo, ask yourself which amenities are essential for you. You must buy a condo with amenities and features that can genuinely enhance your lifestyle. There’s no point in paying for a fancy rooftop deck if you never plan to use it or a gym membership within the building if you already have a gym you love elsewhere.
#QUESTION 6 – Do I mind special assessment fees?
As stated already, HOA fees are the predictable monthly payments that cover different things in the condo for sale in Brampton. Since you know about the rate of the HOA fees, you can factor these into your monthly budget.
Special assessment fees, however, are different. They are unplanned expenses that may be charged by condo associations to owners in case of circumstances such as –
- Major repairs – A leaky roof, failing boiler system, or earthquake damage to the building exterior can necessitate a special assessment fee to cover the repair costs. Ideally, the condo association should have a healthy reserve fund for these unexpected expenses. But if the reserve fund money is not enough to cover these repair costs, a special assessment is charged to condo owners.
- Lawsuits – If the condo association gets embroiled in a legal battle, a special assessment might be levied to cover legal fees.
Hence, if the idea of a surprise condo bill in the form of a special assessment fee makes you sweat, a condo for sale in Brampton might not be right for you.
Your Home-Buying Journey, Your Decision
The entire home-buying experience can be overwhelming, especially if you’re buying a house for the first time. Everyone from family and friends to colleagues and acquaintances who barely talk to you will have something to say or advice to you regarding home-buying. But remember that this is your home-buying journey and your needs, preferences, and opinions matter the most.
Make sure to ask yourself the above questions to determine if a condo for sale in Brampton fits your lifestyle and future goals. Also, you must listen to your gut feeling when it comes to choosing the perfect housing option for you. Prioritizing your needs and trusting yourself in this process will ensure that the home you choose will be a place where you feel truly comfortable and happy.
