Buying a VICTORIA condo, which is short for condominium, is not the same as buying a single-family home. There are different considerations that need to be taken into account prior to purchasing! In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence.
A condo is typically a shared piece of property with individual owners of each “unit” or condo. In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools. Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community.
When buying a condo, it’s important you know that every condominium community is different. It’s crucial to know each building will have their own rules, strata fees, management company, and amenities.
Here are 10 tips to use when buying your first VICTORIA CONDO! 1. Determine Whether a Condo is the “Right Fit” - THEY ARE NOT ALL THE SAME 2. Hire a Real Estate Agent Who Has Experience Selling Condos - THAT'S ME! 3. Obtain Financing - PAUL IS THE MAN! 4. Know What the Condo Includes - KIND OF IMPORTANT IF YOU REQUIRE PARKING 5. Know What the Strata Fees Are - BUDGET BUDGET BUDGET 6. Know What the Strata Fees Include - NO SUPRISES 7. Review Strata Bylaws & Rules - WHAT DO YOU MEAN I CAN'T HAVE A DOG HERE... 8. Ask About Special Assessments - WHAT? WE NEED A NEW ROOF AND THERE IS A LEVY? 9. Research Property Management Company - IT'S TRUE - THEY ARE NOT ALL THE SAME 10. Predict Your Future Plans - MARKETS CHANGE FAST - YOU MAY NEED TO STAY PUT FOR AWHILE