Watch Out for These 11 Red Flags When Buying a Condo in Brampton
Author : Emily Jackson | Published On : 01 Jun 2024
Have you heard about the sky-high home prices of single-family homes in Brampton? The cost of most of these properties has hit the $1M mark.
This has led many homebuyers on a budget to divert their attention from detached and semi-detached properties to stylish condo apartments. Standing at an average price of $540K, condos are much cheaper as compared to single-family homes.
When you’re buying a condo, you’re purchasing a unit in the building. However, you’re also staking a claim in the entire building. So, any issue or challenge in the building will affect your entire living experience in the condo apartment.
This is why you need to be extra careful and attentive when touring condos for sale in Brampton. By being aware of potential red flags, you can avoid buying a condo that comes with unexpected headaches and financial burdens.
Signs of Trouble in a Condo
SIGN #1 - Many Units Sit Empty
Do you see a lot of empty units as you stroll through a potential condo building? Then, that’s a red flag waiving high at you!
A lot of vacant units in the building could mean residents aren’t happy living there for some key reason. You’ll want to know why folks are moving out of the condo apartment before you decide to move in.
SIGN #2 - The Building and Common Spaces Appear Shabby
Picture stepping into a condo for sale in Brampton and seeing peeling paint, flickering lights, or an unkempt vibe. That’s a sign that the condo building might not be getting the TLC it needs.
If the building and shared spaces look neglected, it could also mean trouble for you down the road. Because of neglected maintenance, more serious problems could show up in the building down the road. This problem can be expensive to fix and could result in higher HOA fees or special assessments for condo owners.
SIGN #3 - The Condo Has Bad Ratings Online
In this digital age, online reviews are the gold mines of information. So, before you set your heart on a condo, check out the online reviews of a condo.
In case you see that the condo has a bunch of negative reviews, don’t ignore them. Talk to current residents, the condo association, and your Realtor to understand the reason behind these negative reviews.
SIGN #4 - Low-Quality Construction Work
Pay close attention to details while checking out condos for sale in Brampton. See if the fixtures are falling apart or if the paint job looks sloppy.
These could be signs of shoddy construction in the condo building. It’s wise not to invest your hard-earned money in a place where corners were cut during construction.
SIGN #5 - Poorly Designed Floor Plans
A poorly designed layout means having awkward corners, oddly shaped rooms, and unusable areas. If the condo you’re considering has any or all of these, consider it as a red flag. This poor floor plan can make it difficult for you to furnish and decorate your condo and can feel cramped and cluttered.
SIGN #6 - The Noise Level Is Through the Roof
Constant noise can make it difficult for you to get a good night’s sleep and relax in your new home. So, make sure you check if noise is a concern in a potential condo for sale in Brampton. To get a better sense of the noise level in a condo, visit the building during the day, evenings, and even weekends if possible.
SIGN #7 - Has Units Listed on Airbnb
Some condo associations do not have bylaws or regulations regarding how individual condo units can be rented. This can be a great thing for an investor - they can rent their condo unit on Airbnb and generate a significantly higher income than a traditional rental. However, this can be a not-so-favourable thing for a long-term tenant or resident in the condo building.
A constant stream of short-term renters can disrupt the sense of community and quiet life that a homeowner usually looks for. Also, Airbnb guests may not be familiar with building rules or respectful of noise levels. This can lead to annoying issues for condo residents such as late-night arrivals, parties, or loud music.
SIGN #8 - Limited or No Parking for Residents
Imagine coming home with groceries or after work only to circle the block endlessly searching for a parking spot. Not so enjoyable, right? This is why make sure the “condos for sale in Brampton near me” you’re shortlisting have available parking spots for residents.
SIGN #9 - There Are Many Amenities, but They're Out of Order
A range of amenities in a condo building is a major selling point for a buyer. Amenities such as a gym, pool, rooftop terrace, or on-site laundry can enhance your living experience in your new condo.
However, if many of these amenities are out of order or not functioning properly, it is a major red flag. These inoperable amenities point to a poorly managed condo association. This might indicate a lack of funds for repairs, inefficiency in addressing issues, or a general apathy of the association towards resident needs.
SIGN #10 - Previous Lawsuits on Record
A history of lawsuits against a condo building is another trouble-indicating sign. It raises concerns about potential issues in the building and future problems for residents.
This is why if the condo you’re considering buying has a history of lawsuits, investigate about it more. Try to find out what the lawsuits were about so that you can make an informed decision.
SIGN #11 - Condo Fees That Are Either Too High or Too Low
Condo fees, also known as Homeowner Association (HOA) fees are monthly charges paid by all condo unit owners in a building. These fees go towards the overall maintenance and well-being of the condo building and its shared spaces.
HOA fees of condos for sale in Brampton that fall on either extreme - too high or too low can be red flags. Too high fees may indicate that the building has faced unexpected repairs, or poor budgeting by the condo association.
If the condo fees are too low, it may mean that there might not be enough money set aside for proper upkeep of the building and amenities. This may seem attractive for now but in case unexpected repairs arise in the future and there aren’t sufficient funds in reserve, it won’t look good for you. In such instances, the condo association usually resort to special assessments - one-time charges levied on condo owners to cover the costs.
Verify Every Detail in the Condo Now to Prevent Issues Down the Road
When you see a condo building that looks all good and well from the outside, it’s easy to get excited to move in. However, instead of getting swayed away by the excitement, you must thoroughly inspect each and every aspect of the building before living in it.
You must especially keep an eye on the red flags mentioned above; they could turn your new life in the building into a nightmare. Your thorough research and diligence now will pave the way for a smooth and comfortable homeownership journey in the new condo for sale in Brampton later on.
