It’s a big moment when you decide to level up from renting an apartment to buying a condo unit. As a tenant on a lease, it can be hard to feel a sense of security and stability, especially if you’re jumping around alternative apartments and locations every couple of years.
With the purchase of your own condo unit, not only do you get that security, but you also have the accomplishment which comes with the hard work that went into affording it.
With that being said, it’s important to note that levelling up is not as easy as buying the condo, retrieving the keys and then taking it easy. On the contrary, now that you have moved in, there are a fair few areas of your new life that are going to demand your attention.
Responsibilities Of Ownership
If you have recently bought a condo unit, then it is down to you to not only maintain and look after it but also ensure its future. Much like any house or apartment, a condo needs coverage in the event that anything goes wrong or any items in your possession are damaged.
In this way, it is important that one of the first things you do after retrieving the keys is get insurance for your condo and make sure you are covered for any future accidents, including fires, injuries and vandalism.
These are the kinds of accidents that you cannot anticipate, and so the only way you can be proactive is to ensure the time and money will be there to cover them and cut out any unnecessary future stress from your life.
Integration Into Community
One of the most unique aspects to condo living is the sense of community that condo owners have. Nearly every condominium district has communal spaces where many of the residents hang around and get to know each other, so it’s important to take advantage of this and get to know your neighbours as soon as possible. Your condo may even have community spaces such as pools or spas, so not only can you get integrated with the community, but you can have a relaxing spa day while you’re doing it!
This is important for a number of reasons. Having neighbours that you like and trust is good for security and communication around the complex, and it also means that your condo can be watched over and added an extra layer of protection if you are ever away on vacation.
Prioritise Parking
One of the things you may not have paid too much attention to when purchasing your condo is the parking situation. Of course, this is under the pretence that you have bought your first car. If you have, then you should know that most condo complexes are located in an urban setting, and so parking might not be as easy as it first seemed.
It also has the potential to put a hole in your wallet, especially if you are having to find new parking spaces every time you get back from work or go out to the store.
In this way, you should look for the closest garage where you can pay a monthly rate to park your car. Although it may seem steep at first, a rented space will certainly be cheaper in the long run than finding and paying for random parking spots every time you return home.
Slow Appreciation
Of course, you may have bought this condo with the expectation to stay there long-term. But if you are planning to move on at a later stage in life, then it is important to keep your head in the market and get some external advice about when and how you should look to sell.
It’s important to note that purchasing a condo is purchasing living space, not land, so the value is going to act differently to a house. When people hold onto houses, the land ordinarily appreciates to far higher rates, as more people prefer homeownership to condo-living. But that’s not to say you will never be able to sell your condo for a good price.
There are actually studies which show the appreciation gap between homeowners and condo-owners is steadily closing. If you are looking to sell, the best thing to do is keep an eye on the market and make sure you sell when the time is right.
