Looking to purchase your first real estate property? Despite the fact that you must be excited about this new step in life, you should remain calm in order to avoid any major blunders that might cause you to face serious financial losses. There are dozens of considerations that you need to take in account so that you can find the home of your dream for affordable price. Depending upon the number of units in the condominium project and area covered by each single unit, the prices would be set accordingly. Before deciding to live in a condominium community you need to have basic knowledge about various aspects such as condo association, amenities, and maintenance costs.
If this is your first time purchasing a condo, you might not exactly be sure about what it is. Condo owners are basically entitled to separate units that are built within a single communal living complex. From the external appearance you might not be able to differentiate between a condo and an apartment building as they have similar appearances. Unlike apartments where there are mostly two units on a single floor, when it comes to condos you can expect to see dozens of units on the same floor. Once you become the owner of a condominium not only you acquire the specific living space within the unit but can also use other facilities such as swimming pool, fitness center, and spa. Line 5 Condos is one of the best projects in Toronto that are still in pre-construction phase, and it is projected to have appreciated value in the coming few years. Each condo has its own governing body that is formed by multiple residents and mangers that are responsible to take care of various things such as paying utilities bills of the building and hiring cleaning staff.