Unbelievable as this may seem, it happens and it could happen to you as well, if you're not very careful!
So how do you avoid buying the wrong condo?
Your best and first steps should be to plan and make two lists.
List #1 - Should have all YOUR NEEDS
List #2 - Should have all YOUR WANTS/Would Be Nice To Have
Making these two lists, saves you time and energy from looking at condos that doesn't match your needs.
Sounds simple? It can be simple, but it isn't easy to do.
Most condo buyers don't make a needs or would be nice to have list, they simply look at condos randomly until they find what they think is the right condo. Which could really turn out to be the wrong condo, if it doesn't match their needs but instead matches the "would be nice to have list."
Here is a typical example of how a young couple could buy the wrong condo.
This young couple's needs were to purchase a 2 bedroom condo close to family, transportation, shopping and work. Their wants were a brand new condo, with 3 bedrooms, fully upgraded kitchen with granite counter tops, stainless steel appliances, hardwood floors and lots of amenities.
Two condos at the same price were being contemplated
Condo A - had two bedrooms, in a prime location within 10 minutes drive to their family, work, but needs painting and decluttering.
Condo B - located approx 75 minutes commute to work and family but is a gorgeous brand new condo with three bedrooms. It has a completely renovated kitchen and staged to perfection. Plus it's got a lot of amenities and an on site spa.
The buyers bought: condo B because they didn't make a list and did not consult with a Real Estate Expert to help guide them. Two months after they've moved in, they realized they were spending a lot of time commuting on the road, their monthly car gas bill is now doubled and wear on tear on their vehicles results in extra cost for car maintenance.
Questions To Ponder: Could the three bedroom condo appreciate at a much lower rate than the two bedroom condo because of its location? Or worst, what if this three bedroom condo is difficult to resell when the time comes because of its location?
Bottom line: Make two lists, one with your needs and one with your wants, but be sure to focus on your needs. You can do it on your own or you can ask your Real Estate Expert to help you, don't be surprised if your Real Estate Expert gets it done quickly and gets all the key information that will help you.
Request your FREE "wants vs would be nice to have" package via email WM@Royallepage.ca or call Directly: 416-356-6305
Happy condo hunting & good luck in your search!
Picture courtesy of Dreamtimes.com
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