We live in an era where buying a normal house can simply cost you an arm and a leg. With the rise of more people moving to urban areas, condominiums have become increasingly popular and attractive to potential buyers due to their reasonable price tags. That’s true. In many cases, owning a condo won’t break the bank. In fact, if you’re looking for some new condos in Montreal, the chance is you’ll be getting the best bang for your buck. However, just like any other type of real estate transaction, there are red flags that you should be on the lookout for. As a potential condo owner, here’s what you need to keep an eye out for.
Lack of an On-Site Management
Condos are usually managed by a company or organization. While they may be able to manage the physical aspects of the property, it’s important to check that there is an active and competent manager in place who can address your needs if any issues arise. On top of that, it would be a huge catastrophe if there was no manager to ensure the common areas of the condo were kept in top shape. That being said, ensure that there’s a responsible, reputable, and trustworthy manager before you commit.
No Access to Essential Amenities
Another thing to keep in mind is whether or not the condo has access to essential amenities such as grocery stores, banks, and public transportation. It would be quite inconvenient to drive for miles just to pick up some groceries or get to work. It’s also a must to ensure that the area is generally safe and secure and close to other amenities such as parks and recreation centers. You don’t want to end up living in a place where you’re totally isolated from the rest of the world.
Poor Maintenance History
The last thing you want from a condo is a history of poor maintenance. This could be evidenced by discolored walls and foundation cracks, as well as a lack of general upkeep on the exterior or interior of the building. Before you make your purchase, ask for proof that all necessary repairs and maintenance have been carried out since the last time it was bought. It would help if you also investigated whether any current or previous owners are in financial distress, as this could be an indication that upkeep and maintenance have been neglected.
Shoddy Construction
Finally, you’ll want to ensure that the condo was built to proper standards with quality materials. Inspect the property for signs of shoddy construction, like windows and doors that don’t fit properly or walls that have been installed poorly. If possible, ask for references from previous buyers who can vouch for the building’s quality. It won’t do you any good to buy a condo that quickly deteriorates due to poor construction. So better be safe than sorry. By performing your due diligence and doing the necessary research, you’ll be able to identify any potential red flags before committing to a purchase.
That way, you can rest assured knowing that you’ve made an informed decision on what could potentially become your new home. At the end of the day, nothing beats the feeling of having a place to call your own. So be sure to keep an eye out for these red flags before signing on the dotted line.
There is nothing as frustrating as entrusting your real estate woes to an individual or company that are clueless about everything. In fact, such characters are the very same ones that will dash your hopes of having a happy ending in the long run.