Searching and buying a high-end luxury condo when you retire is an exciting endeavour. So many of these amazing luxury condos (https://www.theviewscalgary.com/) offer a large array of amenities that suit upscale living, making your retirement more enjoyable than ever. However, before you pack up your bags and move in, it’s best if you ask these eight very important questions before Buying A Luxury Condo.
8 of the Most Important FAQs to Ask About Luxury Condos
What are the total expected condo association fees?
Monthly condo fees vary from community to community, and some buildings have condo fees that change from unit to unit. Finding how much you’ll have to pay per month will help you balance your budget and long-term goals.
Consider what you’re getting for it, what you’re not and if it works for the life you want to lead. It can make a big difference in your retirement, so ask the questions, crunch the numbers and see what you can afford.
How much will I pay in property taxes?
You know the old saying: death and taxes, and moving into a luxury condo mean you’ll have to still pay your taxes. How much tax you have to pay is the bigger question, to be honest.
Depending on the condominium building’s size, location, and value, you might have to pay a fair bit. On the other hand, if it’s an exclusive arrangement, then you might not. That’s why you must ask the property management and developers about the annual property tax – and if it’s going to increase as the years go on.
What are the biggest complaints regarding the management of the building?
What gripes and concerns are residents airing at condo board meetings? Are their concerns being investigated or managed? Is the association generally interested in these concerns, or are they just playing politics?
Get your hands on the minutes over the last few meetings or talk to current board members and property owners. You want to know what concerns are being raised and how they are handled. That way, you know what will happen when you complain.
Am I allowed to make improvements to the property?
As a luxury condo owner, your property is limited to the walls inside your home. And yet, there might be restrictions on what you can do and can’t do – in terms of upgrades and changes, of course!
Ensure you speak to the condo board members and review condo documents beforehand about the limitations you have to make improvements. If you plan to make your space your own by upgrading the kitchen with new countertops or installing a new shower and bathtub, you will want to be sure that those things are OK to do.
In some cases, high-quality luxury condos are actually personalized for you, so you can pick and choose the design as it is. But you won’t know if you don’t find out!
What’s the management or owner like?
It’s always best to speak to the management company or the owner of the condo building. You can get an idea of how they operate, their attitude to answering questions and how they respond to all your concerns.
Remember that you’ll have to be living and working with these people, so getting an idea of how they operate can prove valuable for your decision.
What are the amenities on offer?
For luxury condos, you’re not just paying for the quality of the property, but all the amenities that come with them! So, what is on offer for you?
Do they have penthouse or outdoor areas for parties and gatherings? Are there natural walks and hiking trails around the neighbourhood? What are the security measures (more on that below)? Do they offer fitness classes, game-rooms and so entertainment centres?
Compare and contrast the amenities on offer and see if they fit into your retirement lifestyle or not. Amenities truly make the difference when it comes to buying a luxury condo or not.
Are there safety and security measures in place?
Safety and security are big issues that should be taken seriously, particularly if you’re living in a luxury villa where it’s all quality and value.
You want to ensure that the building or community is safe and secure, with the latest technological measures in place and located within a gated area. This safeguards against any person or group of individuals trying to break into the establishment.
Does the building permit pets?
If you have a furry family member, you will want to check out the restrictions on pet ownership in the condo community. Or, if you don’t like animals and don’t want them near you, would you prefer a pet-free building?
Double-checking if the pets are allowed or not is a big question because it will impact the lifestyle that you lead.