Perhaps the biggest mistake new homeowners make is focusing too much on floor-plans and not giving enough thought to long-term life-plans — the livability of their new home over the many years they will spend in their new condo. It’s somewhat analogous to buying a new car. Of course we want a shiny latest-model car, but what’s under the hood matters more.
Many buyers also fail to consider management when looking into purchasing their first home. Warranties and builder quality are important, but even the best condos in the world are subject to management issues. Who will manage the community. If it’s a resale, you already know and can research. If it’s a new construction, find out if it is known at this stage.
Management could be the most important feature of a condo
If management has a history of poor service and a lack of accountability, then you could be in for a massive headache and a nightmare of a home that simply is not worth the trouble. Does the condo offer quick, reliable service? Ask about any problems that may arise and how they might be handled. If something in your condo breaks, you need to know that the situation will be resolved in a timely manner. Aim for a response time of one business day or less. If they typically take longer than that, then it may be time to look elsewhere. After all, you would not want your condo flooding while you wait for someone to repair your pipes.
Ensuring that you and your home are in good hands is essential. Do not put yourself at risk of fraud, unwarranted lost deposits, unfinished construction or repairs, or other potential disasters. A good source for finding information about the builder’s history is Tarion’s Ontario Builder Directory. The Condo Information Centre provides a great deal of information about home ownership in Ontario, common condo problems, problems owners report, and more. Do the necessary research to find out as much information as possible about everyone involved in designing, building, and maintaining the condos before you buy so that you can avoid any nasty surprises in the future.
Under the hood is more important
Another common mistake when purchasing one’s first home, especially condos, is focusing so heavily on shiny new features that problem areas and missing features go unnoticed. For example, a person might be so excited to find their dream condo with a fully-stocked chef’s kitchen that they fail to notice the faulty wiring that is causing lights to flicker on and off. Taking everyone at their word is also troublesome, and it can set you up for huge disappointment. Understand that everyone has a different definition of what “premium” and “standard” entail.
If a condo boasts premium features, be sure to find out exactly what that means. Do they mean state-of-the-art appliances, or do they simply mean better than the absolute basic countertops? Is the model home you are viewing the standard for the building, or is it upgraded more fully than the rest? Make it a point to visit both the model (so you can get a feel for the end result once it is fully furnished) and the actual condo you are purchasing (so you can see it for what it truly is rather than what it could potentially be with a ton of costly renovations).
Go green, yes, but see all the facts
New buyers also tend to fall into what I like to call “eco traps.” Wanting to do our part to help the environment and leave the world in better shape than we found it is natural. However, sometimes the desire to go “green” can go to extremes and cause us to become so blinded by the potential that we fail to see the facts. Choosing homes that are built with sustainability in mind, offer recycling and other green options, offer state-of-the-art appliances that save on energy consumption, low-emission ventilation systems, and more can go a long way in improving the overall quality of our homes and the environment. At very least, we will not make it worse, right?
However, while searching for the perfect home that provides all of these features, buyers have the tendency to jump on the bandwagon without first validating any claims. Try verifying the environmental responsibility of the building by asking some follow-up questions. Does the building meet standards as set by the Leadership in Energy and Environmental Design? If the building or community has obtained LEED certification, then you can rest assured that it was designed and build to improve human and environmental health.
Finally, be sure to pay attention to any amenities offered, especially if you find yourself torn between multiple options. A condo that offers resort-style pools and an enormous gym are great but only if you will actually use them. If not, then look for amenities that do align with your needs and desires. Do you enjoy hiking or bicycling? Then look for a community that boasts a trail. Are you more into sports? Then choose the home that offers basketball or volleyball courts, golf courses, etc.
Don’t forget pets
Do you have pets? If so, they would benefit from a pet-friendly community that offers a dog walk and/or pet park. If you have children, then you will likely want a condo that offers a playground, or “tot lot.” If you or someone in your household is disabled, then you will need to make sure that the building and community offer accommodations that meet your needs. Be sure to consider all features, inside and outside your home. The community as a whole will be your new home, so make sure it is the right one for you in every aspect.
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