It is no secret that the prices for detached single-family homes have risen over the last few years. As a result, many first-time home buyers (especially young professionals) have gravitated more towards purchasing a condominium due to their relatively lower prices. On the other side of the coin, seniors have also started investing in condominiums due to the “low maintenance” aspect of condo life.
Property developers have adapted to this trend in real estate and have developed numerous condo buildings over the years. The sheer number of available condos, as well as the condos that are still currently under construction, can make it difficult for a first-time home buyer to choose the right condo. If you currently find yourself in such a situation, we hope that the guide that we have compiled below will help you make a better choice:
New vs Old Condos
Choosing between an established condominium building and a building that was recently finished can be a confusing choice for many first-time buyers. After all, newer isn’t always necessarily better. The choice between new and old will come down to features and amenities that you can or cannot live without.
The Case for New Condos
New condos tend to offer more amenities, such as gyms, pools, etc. They also usually feel smaller due to a lower ceiling (roughly no higher than 8 feet). Those who have space issues, however, will be happy with the efficient use of space newer condos offer. Newer condos also tend to boast more energy efficient HVAC, wiring, plumbing, etc.
The Case for Old Condos
Older condos are usually less “fancy” with the amenities as they focus on providing the basics. With less amenities to worry about, condo units tend to be a little roomier. In some cases, areas like foyers are a common sight. Old condos also tend to have thicker walls for better sound-proofing.
Questions to Ask
When looking at condos, be sure to ask your real estate agent as many questions you can think of. Asking these questions will provide you with a better idea of what it will be like to actually live in the area. Some of the more important questions to ask include:
- Is the unit competitively priced with others currently on the market?
- What is the resale potential of this unit?
- What are the security features present? How is access to parking and unit floors restricted?
- What amenities are offered and are there any associated charges?
- What types of materials were used in construction? How old is the building?
- How many units are owner occupied vs. tenant occupied?
- Is the building managed by a professional company?
- What is the homeowners association like? What do their fees cover?
- How many elevators are there and how fast are they?
- What warranties are being offered, if any?
- How close/far are we from necessities like supermarkets, urgent care facilities, etc.?
These basic questions should be able to shed a little extra light on your situation, helping you make an informed purchasing decision. Simply assess the answers you received with your list of wants and needs, and you should be able to determine whether a condo you are considering is a good fit or not.
If you are interested in purchasing a condo in Kelowna, it would be advisable to work with a respected local real estate agent. To learn more about how we can help you find the perfect condo, please do not hesitate to call us at 1-250-801-2129 and set an appointment. We look forward to hearing from you.