When you are considering buying your own condo, whether as part of the Marina View Residences or in some other location, it helps to do some homework so you make the best decision. After all, this is a big investment and it makes sense to learn what you need to know. Here are three tips on the kind of research you would benefit from.
Learn about what it is you are buying
When you are buying any property, a Watten Estate condo, a house or an apartment, it makes sense to learn as much about it as you can. Consider what amenities come with the condo in the shared building, what kind of security it offers and if that is enough for you, how much wall space you are sharing with others, what condition the condo is in as well as the shared areas and so on. If things are run down you will have to be one of several who have to pay for them to be dealt with. You cannot just look at the condo itself, love it and decide to buy it. With a condo comes other concerns that need exploring.
Investigate the condo association
Another area to research is the association of the building the condo is a part of. Make sure you understand the fees they charge each month. You should also take a look at the minutes of the last one or two years of meetings and look at their budget. You need to know there is enough going in to cover things like maintenance, painting corridors, repairing tiled flooring, garbage collection and so on. There should also be reserves to cover larger shared concerns like roofing or heating.
Also, look at what kind of power you have as a condo owner in the Marina View Residences or wherever you buy. What can you do and what can’t you do? Are there any big expenses or assessments coming up in the next year or two? What does the most recent building inspection say and when did that happen? How often have the fees been raised over recent years and why? Too many over a short time period is a worrying sign.
Discover the kind of people you are living with
When you sign up to live in a Watten Estate condo or other apartment you have to be prepared for the other people living around you. Not just next door but also above and below. What kind of people live there already? Are these the kind of people that you are happy with – for example, people coming and going at the same times as you or will you face noise issues during times when you are trying to sleep? Some of them are going to be a part of the association so you also need to know the type of people they are and the kind of rules you might have to follow. You are also going to see them in the shared spaces.