Most people get their own condo units for accessibility at work
, school or just simply wanted to have a place to stay in the city if the owner lives in the provinces and travels a lot. Condos are great properties to have; they are not so expensive, for most depending on the location and amenities, and they could actually be used for business.
If you plan to buy a condo unit for the purpose of selling it or having it rented then you have to make sure of the following things so that you dont get any trouble.
Consider the people that you are targeting as buyers or customers before buying a condo unit. First check if its too expensive and if the people surrounding your area can actually afford your asking price. Are they mostly single or do they have families.
Check on the buildings condition as well, if its too old, chances are your association dues will go higher as the developer will charge the cost of repairs to your monthly dues. Check on the buildings amenities as well if they are well kept and maintained since you are also paying for it.
Learn how to compute for all the money that you will be spending. You might be buying your condo unit at a not so high price but it may actually not appreciate much in value.
Make sure that you are also aware of the buildings limitations. Some condos do not allow the owners to have their units rented or maybe while some doesnt mind at all as long as you are paid.