Although condos are great investments and amazing places to live, what most people do not realize is that with buying a condo comes many hidden costs - some that the buyer may not realize at the outset of their ownership.
Homeowner's Association Fees
These are paid by practically every condo owner, as homeowner's associations are generally responsible for lawn maintenance and shared amenities like pools or yards. Although you will likely be given an estimate of the HOA fees before purchase, what some may not understand is that homeowner's association fees can rise. It is always a good idea to look into past increases in homeowner's association fees.
Because condos are generally seen as being less safe by insurance companies simply because they put you in greater proximity to more people than a single family home, you will quite possibly be required to pay higher homeowner's insurance fees and deductibles. The same might be true of your car insurance, which may see an unexpected increase as well.
The value of your condo will vary depending on a plethora of factors. Some of these, such as the condition of your home, you can control. Others you cannot. Factors you can't control include things like the outward appearance of your complex as a whole, and whether or not a large number of your neighbors are selling their homes at the same time.
Thinking of buying a new home in Vaughan, ON? Contact Schuren Sriskandarajah for expert help.