10 Tips For Buying Your Dream But-To-Let Condo In Fort McMurray

January 2, 2015

Condos are increasingly becoming popular by the day and some people are buying them not to stay in them but to lease them out to families, students as well young professionals. But with so many condos for sale in Fort McMurray, it may be difficult for you as an investor to find one that will guarantee you lucrative returns. The worst mistake a potential owner can ever make is purchasing a condo recklessly so to be on the safe side, it’s wise to research your targeted property effectively, just so you can land the best deal for your money. Here are some of our sure-fire tips for buying the perfect condominium.

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Ownership

In other real estate market, buying a condominium is quite different from purchasing a residential family home. Essentially, you get to buy the space you plan to occupy and not the structure per say. This definitely means that since you do not own the structure you are not in an ideal position to make any renovations to the property. So prior to purchasing one, it is critical that you determine if the space is in the best position to satisfy all your needs and preferences before making the investment.

Unit upgrades

Secondly, you have to ensure that the unit you are considering has incorporated upgraded features. Make sure that the condo has features such as upgraded window treatments, luxury baths, kitchen upgrades (for example, upgraded granite countertops), additional parking spaces, stylish lighting fixtures as well top notch interior finishing elements. However, note that units that have incorporated these features tend to cost more.

Location

The location of the condo is as important as the condo itself. Choose a location that conveniently meets the basic purpose for which you are buying the unit. For instant if you are a student and are buying a condo it’s advisable that you get one that’s near your school or is near public transportation for you to easily get around.

Storage space

Most condo occupants basically do not enjoy the comfort of having garages, basements as well as attics. Therefore, you should choose a condo whereby the bedrooms, living spaces and kitchen offer sufficient storage spaces for your belongings. Also ensure that it has an extra closet where you can stack in large equipment including bicycles. Another concrete reason why you should choose a suitable size is that you cannot make any structural modifications to the property so as to meet your future storage needs. See to it that there are enough parking spaces for your needs if you own a car.

Amenities

The property you go for must be equipped with amenities such as tennis courts, swimming pools, fitness gyms, shops as well as laundry services that conveniently address your needs. A condo without such isn’t probably such a good idea for you. Understand the fees that are associated with maintaining the available community amenities so that you do not find yourself a victim of unexpected maintenance costs.

Maintenance

Although as a buyer, you will be required to a certain extent to pay for maintenances, you should ensure that the developers have put in place a strategic maintenance of the property and addresses any issues raised by other tenants effectively and on time. The best way of doing is by asking other tenants about their experiences with the management. Before asking this worthwhile commitment also dig out hidden fees that may be linked to the property with the help of a lawyer or a real estate agent so that you may not encounter finial difficulties as regards maintenances of the property,

Association rules

Another issue that most condo owners do not factor into is the association rules. It is wise to real and understands association rules for the condo and know if you are in a position to handle them if not its best to look for other complexes that work in your favor.

Property insurance

Find a property whose management pays for the insurance that is a great reduction ownership cost on your side. Ensure that its management has embraced a strong management policy that guarantees the good condition of the unit.

Neighbors

You must know your future neighbors, lest you become subject to the wrath of loud disruptive neighbors in the future. Make several visits, especially during the day to familiarize yourself with the people in the condo. Interact with them and get as what their experience living in the condo has been like.

Security

Apart from the normal condo security features such as house gates, the property must have additional security measures including surveillance cameras, twenty four hour security watch, well lit parking areas among other security features that guarantee your protection as you occupy the condo space. Also, ensure that the property ensures safe lands, including clear views on the sidewalks. Also, see whether there is a clear customized plan for dealing with disasters such as fires, power outages as well as other safety threats.

If you need help to buy a perfect buy-to-let condominium in Fort McMurray today, talk to us and let us show you the best options here!

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