Georgetown, ON has seen property prices and condo prices soar in the past couple of years, making it a popular residential area in the Greater Toronto Area. Whether you are a first-time home buyer or have purchased real estate before, it is important to keep in mind that buying a condominium is very different from buying a house or land. There are many pitfalls to watch out for when purchasing a Georgetown condo. Below are seven of the most common ones to avoid.
1. Unfamiliarity with Rules and Regulations
The condominium corporation has rules and regulations that you must follow. Before you buy a condo you should familiarize yourself with all of them, as a deep understanding of the bylaws is essential. These rules apply to everything from garbage disposal to paint colour choices, to how you park your bike and how you set up your living space. A reputable real estate agent can help you understand the rules and regulations of the condominium.
2. Unwanted Financial Responsibilities
When you purchase a condo you become financially responsible for any repairs or renovations that need to be done. Depending on the structure of the condominium, you are responsible to both the homeowners association and the building’s condominium corporation. You may have to pay condo fees or special assessments when the association needs to collect funds for repairs or emergencies. Before signing a contract, make sure you understand all of your financial responsibilities while living in a condominium.
3. Limited Privacy
Living in a condo means a lot less privacy than compared to a single-family home. Condominiums are generally much closer together and the lack of separation can be a nuisance for people who desire a bit more privacy in their living environment. Additionally, some people view condos as suburban apartments, and thus can come to expect a loud and party-filled atmosphere.
4. Lack of Space
Condominiums are, on average, much smaller than a single-family home and, as such, provide significantly less usable space. Storage can become an issue as can preventative decorating and layout designs.
5. Risk of Maintenance Problems
The maintenance quality of a condominium may not always be up to par. You may have to pay to replace faulty appliances or plumbing, which can be inconvenient and costly, depending on the issue. Also, because of the close proximity of neighbouring condos, issues such as peeling paint or leaking pipes can easily spread and become quite serious.
6. Lack of Homeowner Benefits
When you own a single-family home, you receive many benefits from the government, such as tax breaks or access to certain loan programs. Condo owners do not receive these types of benefits, so it is important to be aware of this before you purchase your unit.
7. Risk of Loss of Resale Value
Every real estate investment carries some risk, and condos are no exception. Since condo ownership is not as attractive to purchasers as traditional home ownership, these units can experience a decrease in resale value. It is important to research the current market and current values of the condos in the area before you purchase one.
Benefits of Living in Georgetown
Georgetown, ON is a great place to call home, no matter if you choose to buy a condo or a single-family home. The town offers a variety of amenities, plenty of green space and a tight-knit community. Georgetown is a popular destination for family-friendly activities such as golf clubs, country clubs, schools and libraries. The town also has easy access to the 401, making commuting easy. Georgetown locals also reap the benefits of downtown Toronto only being an hour away, making for a great weekend getaway.
Buying a Georgetown condominium is a great investment opportunity that can provide many years of comfortable living. Just keep in mind the pitfalls to avoid and the benefits of living in this town before picking a condo to purchase. Doing your research and talking to a real estate agent are key when purchasing a Georgetown condo and will help ensure that you make the best decision possible.
- What are the benefits of living in Georgetown? Georgetown, ON offers a variety of amenities, plenty of green space and a tight-knit community. The town also has easy access to the 401, making commuting easy. Additionally, downtown Toronto is only an hour away, making for a great weekend getaway.
- What should I consider when purchasing a condo in Georgetown? Before purchasing a condo in Georgetown, it is important to familiarize yourself with all of the condominium corporation’s rules and regulations. Additionally, you should be aware of all the financial responsibilities that come with condo ownership and research the condo market in the area. Finally, know the benefits of living in the Greater Toronto Area.
- Who should I talk to when purchasing a condo in Georgetown? Talking to a reputable real estate agent is key when purchasing a Georgetown condo. A real estate agent can help you understand any terms of the contract, such as bylaws, condo fees and special assessments.
- What are some potential pitfalls to avoid when buying a condo in Georgetown? Some potential pitfalls to avoid when buying a condo in Georgetown include unfamiliarity with rules and regulations, unwanted financial responsibilities, limited privacy, lack of space, risk of maintenance problems, lack of homeowner benefits, and risk of loss of resale value.
- What are the risks of owning a condo in Georgetown? The risks of owning a condo in Georgetown include not understanding the rules and regulations, unwanted financial responsibilities, limited privacy, lack of space, risk of maintenance problems, lack of homeowner benefits, and risk of loss of resale value.