High-rise condos are on the rise! With urban density increasing, developers are looking up to meet the needs of people who desire metropolitan living at an affordable price. So, what should you look for in a high-rise? Once you’ve settled on a location, start by outlining some ‘must-have’ and ‘nice-to-have’ features. It will help you narrow down the choices.
Overnight suite for guests
It’s also important to consider your resale value. Get the largest space you can afford. The smaller the space, the harder it will be to re-sell. Even if you don’t have a car, get a parking space. It’s easier on resale and you can always rent the space out to others in the building. Secure storage is also good idea. You always need more storage!
Consider the view and the noise. Even in the city and 15 floors up, overlooking a dumpster is a downer. It’s noisy too, if the garbage truck comes at 7 a.m. Inside, avoid the suite beside the elevator or the garbage chute. Even if the sound doesn’t bother you, it might bother future buyers. Remember that in a high-rise, the view is one of the key selling features. Is the view amazing both day and night? Are there plans to build another high-rise adjacent to yours? Research carefully or your view in two years could be a brick wall!
Examine the condo fees carefully or, better yet, have your lawyer take a look. Are they appropriate for the location and the facilities, or overinflated? Condo fees can be extravagant, so it’s important to consider the perks and determine if the fees are worth it. For example, is the exercise room and pool area adequate enough to cancel your gym membership?