Our friend Shadi Nasseri, a driven and energetic young real estate lawyer, is guest blogging this week for RateHub. As an expert in the field, Shadi has formulated a list of commonly overlooked criteria to be mindful of when buying a condo.
Neighbors - consider the general population of the condominium. A condominium may have 100s if not 1000s of residents all living in a relatively small corner of the earth and forming a community. Visit the condominium more than once at different times of the day and different days of the week. Are there numerous units with music and parties on a given Saturday night? Examine the demographics of the residents (i.e. average age, whether residents are students, professionals, or retirees, etc.) and ask yourself whether it’s a community you want to be a part of?
Distance to your parking spot - time how long it takes to get from the unit you are considering to the assigned parking spot, and consider yourself carrying bags of groceries for the entire distance!
Distance to the garbage chute/elevators – make sure your unit is not too close to the elevator or the garbage chute – both can be quite noisy and disturbing.
Height - consider how comfortable you are with heights; higher isn’t necessarily better for everyone. Make sure you’re okay walking outside on the balcony. Also consider if you’re able to take the stairs should the elevators ever stop functioning in times of emergency.
The condo board – ask to visit a meeting if possible. If not, request a copy of the meeting minutes, and consider the topics in questions and the position taken by each board member.