Condo Market: Be an Educated Consumer When Purchasing a Home

Today’s new home shoppers are better educated than ever before, with the proliferation of websites and social media that provide information on everything from communities and their locations to local amenities, transportation, builder/developer histories, government regulations on housing, etc. We still occasionally see potential buyers coming in who have avoided doing their “homework” and need guidance. Of course, sales representatives are happy to provide advice, but the more you know before you enter the sales office, the less time it will take you to zero in on the perfect choice. You will also purchase with more confidence, knowing where you stand in the great scheme of things.The moral of the story is to narrow your search parameters by making lists of your must-haves and nice-to-haves. Location is usually top on people’s list as far as something they must have. Look at the available homes or condos in the general area. Remember to find out what amenities are in the area, especially those that are important to you. For examples, families will want schools relatively close by. Urban dwellers who do not own a vehicle will want easy access to public transportation. If you anticipate a commute, before you sign on the dotted line, actually drive or ride the commute from your potential new home during rush hour. You want no surprises once you move in.

If this is your first home or condo purchase, you have a lot to learn. Visit CMHC’s website for a handy booklet on home-buying step by step. If you are a seasoned purchaser but are moving from a low-rise home into a condo for the first time, realize that condominium ownership and purchasing are different. Again, consult the experts for information on what to consider.There are so many elements to buying that lists, or a spreadsheet for today’s electronically minded purchasers, can be your best friend. By all means, comparison shop, but be sure you compare fairly. Square footage is one parameter, but how about layout? This can often mean more than the number of square feet when it comes to how you like to live. Keep track of standard features vs. upgrades in each building you look at. Location is a big factor. Be realistic when you decide on commute time and how handy the buildings are to the people and other locations that mean a lot to you.Whatever your situation, even if you are a seasoned home buyer, it makes sense to find out as much as you can about buying a new condominium. Fortunately nowadays, this can be done via the Internet whenever you have time. You can find out a lot in the sales offices as well, and remember, the sales representatives are there to answer your questions. If in doubt, ask! Your home will likely be one of, if not the largest financial investment you make in your lifetime. It merits a lot of forethought and research. Then, you can sit back and enjoy!BARBARA LAWLOR is president and CEO of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com