Are you in the market for a new condo? If so, you may be wondering about the different types of developments and communities available. When purchasing a condo, there are many things to consider, such as size, location, and amenities. This blog post from Damon Becnel will discuss things that you should know about condo developments and communities.
There are many benefits to buying a condo in a development or community. Some of the most common benefits include:
- A sense of community and neighborliness
- Reduced maintenance responsibilities
- Access to communal amenities, such as pools, gyms, and parks
- Greater security due to shared entrances and surveillance systems
When looking for a condo development or community, it is important to find one that meets your needs and suits your lifestyle. Here are some things Damon Becnel says you should consider when making your decision:
Size: How much space do you need? Condo developments and communities come in all shapes and sizes. Make sure you choose the right size for you and your family.
Location: Consider the location of the development or community. Is it close to your work, school, or other places you frequent?
Amenities: Many condo developments and communities come with communal amenities, such as pools, gyms, and parks. Ensure the development or community you choose has the amenities you are looking for.
Rules And Regulations: Each condo development and community will have its own set of rules and regulations. Be sure to read through these before making a purchase decision to know what is expected of you and what is off-limits.
There may be some hidden costs associated with condo developments and communities that buyers should know before making a purchase decision. Here are some things Damon Becnel wants to consider:
Monthly Condo Fees: Most condo developments and communities charge a monthly fee for upkeep, maintenance, and amenities. These fees can range from $100-500 per month, depending on the size of your condo unit and the number of amenities offered in the development or community.
Property Taxes: The property taxes you pay will vary based on where you live and what type of home you own. Most provinces have a provincial sales tax (PST) and a municipal/regional sales tax (MRT) in Canada. These taxes are added to the purchase price of your condo and can range from 13-15% of the total cost.
Home Insurance: Home insurance is another expense you will likely have as a condo owner. The amount you pay for home insurance will depend on the size and value of your condo, as well as the coverage you choose.
HST: If the purchase of your condo is subject to HST, there will be an additional tax of 13% on top of the provincial and municipal sales taxes mentioned above.
The rules and regulations vary from one development or community to another, so it is important to read through these before making a purchase decision. Some communities have more stringent rules than others, while others may be more relaxed. It is important to know what is expected of you before buying into a condo development or community. If you are not comfortable with the rules and regulations, it may be best to look elsewhere.
As you can see, there are many benefits to buying a condo development or community. When considering this type of purchase, it’s important to weigh all the pros and cons to find the right one for you and your family. Only you can decide if a condo development or community is the right fit – but we hope that our guide has helped provide some valuable insights into this exciting real estate market!