Comparing Condos

By Linda Mitchell

Today's savvy condominium seekers know that to maximize their lifestyle and financial investments, it's important to comparison shop. We see customers coming into sales offices having already spent time on the Internet checking out the competition and exploring the many amenities and features offered in the various buildings. Usually location and price range narrow their search and they start into the comparison game. If you find yourself in this scenario, take careful steps to compare apples with apples and to pay as much attention to benefits as you do to features.

Remember that basing your condo choice on square footage and price alone can backfire in the end. Create a checklist you photocopy and take with you as you make your sales office visits. Using the Internet for some information is great, but be sure to ask questions of the sales representatives and make notes.

Start with the location you have chosen. Why do you want to live there? Perhaps it is close to where you work, or to your family. Do you need to rely on public transportation and is it easily accessible? If you own a vehicle, is parking included in your condo price? How do the choices you?re considering fit into this picture?

As for condo size, of course it's important but square footage doesn't necessarily translate into equal livability among different condos. How is the space configured and does it lend itself to the way you live? On your checklist, you might even want to make a sketch of the layout. Will your current furniture fit into the space or will you have to look at buying new? Note how many windows there are and the sizes. If you're buying into a condo because it advertises a great view, make sure you will enjoy it. Be sure to note as well whether the suite has a balcony or terrace.

Condo living usually comes complete with amenities. If the choices you are comparing have exercise facilities or a pool, rather than focusing on how elaborate they are, consider whether you will in fact use them. If you don't swim, do you need a pool? If you feel these amenities will increase the saleability of your suite and you are looking at your condo as a stepping stone in your home buying, then go for it.

As for the suites themselves, remember that the type and quality of the features and finishes available can greatly affect your bottom line. Again, place the most importance on which one is right for you and the kind of lifestyle you desire. If your tastes run to the elegant, then you may want to look at more compact suites that have appointments like granite countertops and hardwood flooring.

Single women who purchase condos often value a 24-hour concierge, a multi-level monitored security system, and well-lit underground parking to a large degree of importance. Those moving down from a large home may list a storage locker as most important.

Compare maintenance fees.What do they cover and how important are these things to you? Ask about closing costs, levies, Law Society fees, and any other financial outlays you might incur, and factor those into your decision. Consider too, the reputations of the builders and developers you are visiting. There is much to be said for the peace of mind obtained from dealing with a reputable company.

Condominium value isn't necessarily a simple matter of price per square foot. You want the right suite to suit your tastes and needs. By all means, compare - but be fair.