Moving to one of the many new condos in Hamilton is one of the most exciting ventures you’ll ever face – it can also be a jarring experience. Moving to a condo isn’t like moving to a detached home, an apartment, or even a townhome. Knowing what to expect can make all the difference, so before you decide to purchase take a look at what to expect when you sign to understand if condo living is right for you. And if it is? Reach out to LJM Developments and discover the perfect condo that our team of experts have in mind for you!
No matter which new condos in Hamilton, ON you choose to purchase, realize that you won’t solely be responsible for paying your monthly mortgage. You’re also responsible for something called a condo fees. These funds are used to maintain the property, the units, and any repairs/renovations that may arise. Keep in mind that a portion of your condo fees go toward a reserve fund which is used to cover major repairs such as a new roof or all-new landscaping. A properly managed condo will charge you a little bit extra to ensure they have enough money to make the necessary fixes throughout the year. Unfortunately, sometimes things happen and there isn’t enough money to pay for everything: in this instance, homeowners will need to pay a, ‘special assessment:’ an extra payment where you will pay your fair share of the cost.
Note: To get a better idea of what your condo fees will be, purchase a status certificate. This will tell you everything you need to know about what the condo fees are/are projected to be, any legal actions against the condominium, all special assessments, the most recent reserve fund study, and so much more.
Thinking of others
Since you live in a communal building, it’s important to keep everyone’s best interest in mind. This is what makes living in a condo building so different, as you’re essentially not living alone but with your neighbours. You will be in a different mindset than if you were living on your own lot away from the neighbours in your community: because everyone shares amenities and the building, it’s important to put yourself above others at all times. Be courteous and think of their norms while following the rules as stated in your contract. Be a pleasant person while honouring your contract and you won’t have any problems.
Condos are usually in a great location of the neighbourhood
If you’re used to simply living where the rent is cheapest or you’re living out of your parent’s home for the first time, you may be blown away by just how convenient new condos in Hamilton can actually be. They’re usually in great locations and easily accessible to public transportation and major highways, and when you think about it this makes sense: with so many people communally living under one roof, a good location is essential. If location, location, location is important yet you’re never going to be able to afford a detached single family home or another property in a pristine location, a condo is a great way to live in a solid location. While you may be thrilled at where the condo is located, once you live there you’re going to be pleasantly surprised by how convenient your life becomes. It’s one of the things that jars new condo owners the most; it’s also one of the biggest perks of condo life.
Zero stressing about condo maintenance
When moving into new condos in Hamilton, Ontario one of the biggest takeaways is that you never have to stress about maintenance again. For homeowners that have lived in a place where maintenance was their responsibility, it can be incredibly stressful as you worry about just how you’re going to pay for something when it inevitably breaks. Living in a condo, you never have to worry about this again. While it’s one of the most known perks of living in a condo, we cannot stress just how much of a change this is for so many people. Never worrying about maintenance again is something many people aren’t prepared for. Yet, when they move into their condo for the very first time it’s like finally breathing a huge sigh of relief with a bigger weight being lifted off their shoulders.
Most of all, expect convenient living around great neighbours in an amazing part of your neighbourhood. Condo living isn’t for everyone, but for those that embrace the lifestyle it can become one of the best decisions you’ve ever made. Know what to expect before moving into a condo, and you’re going to be much more prepared for the journey that lies ahead.