12 Steps to Finding the Perfect Waterfront Condo

It is essential to realize that not all waterfront condominiums are the same. 

This post discusses 12 ways to find the perfect waterfront condo. Read on to learn more:

  1. Find A Realtor Who Specializes In Waterfront Condos

Purchasing a waterfront condo is a very different prospect from buying other types of real estate. Therefore, working with a specialist with the right experience makes sense. You want someone who understands the market in great detail so you can get the best advice. 

  • Learn More About The Body Of Water The Property Will Look Over

In Ontario, most waterfront condos overlook the Great Lakes. However, there are also other smaller bodies of water you might want to consider. Think about what type of water environment renters are likely looking for. Do they want vast open spaces or somewhere smaller and more secluded where they can enjoy the beauty of nature?

  • Check Construction Quality

Visit the condo and check the construction quality. Moist air can create mould and mildew issues in local buildings. 

  • Check mortgage conditions

Many waterfront properties come with additional mortgage challenges. Condos often sit on leased lots which means they fall outside of standard purchase agreements. They may also be more expensive than similar properties elsewhere in Ontario. 

  • Check Out The Lifestyle In The Local Area

What type of activities do people enjoy on the lake? Who typically lives in the area?

  • Consider Hidden Costs

When you’re buying a condo next to the water, you’ll also need to consider hidden costs. If the block comes with a dock, find out how much you have to spend on upkeep per annum and whether you need a permit to keep a boat there. Boat fees can be expensive. 

  • Ask About Insurance

Being so close to the coast, waterfront properties are at a higher risk of flooding than those higher up and further inland. Therefore, you’ll want to ask about what insurance will cost you. Lower-floor flooding can make the entire building unusable for a while, even if you are on higher floors. 

  • Understand The Supply And Demand In The Local Area

Finding out how much demand there is for condos in the area that interests you makes it easier to find the best deals. 

  • Consider Rental Income Potential

When looking to rent out a condo, ask yourself how much tenants and vacationers would be willing to pay to rent it out. You might love the property, but they might not be so sure. 

  1. Check The Structure Is Suitable For The Local Weather

Ontario isn’t known for its violent storms. However, you want a structure that can withstand the worst of the Canadian winter. 

  1. Spend Some Time Talking To The Neighbors

Try to learn as much as possible about the people you’ll be living with. What kind of feel does the condo have? Are residents changing all the time or is there a permanent community?

  1. Test The Utilities

Lastly, when visiting the real estate, check that all the utilities work throughout the building. Talk with residents about their experiences and whether they enjoy living there.

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