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Does Location Affect Your Condo Building?

Just as with buying any type of property, location will always play a role in the desirability of a condo building. While it’s important to look at the type of neighbourhood and community you’re interested in living in, there are a few items specific to condo buildings that will affect whether the location of a building is positive or negative.

 

Of course, it’s important to note that each of the following points are very personal and may be negative or positive depending on who you are and what you’re looking for with a condo building and it’s surrounding community. The following are a few common items that should be considered when looking at buying a condo property.

 

Future Builds

Of interest to many condo unit owners is the view from their window. There’s nothing quite as lovely as looking out your window to see nothing but wide-open sky ahead. Sometimes, this view can be interrupted if there is a building set to be developed in front of your view. Not only can this impact your enjoyment of your condo, but it could also impact the value of your condo building.

 

One way to know whether or not this view will be interrupted is noting if there are schools or city parks around your condo building. If there are, then it’s less likely that these will be torn down for other buildings to be developed. This also impacts the type of individuals living in the area. More schools and parks often mean a higher population of families. Depending on who you are, this may or may not have a positive impact for your building.

 

Transit Location

Condo buildings that have transit nearby typically have an increased rate of traffic and population in the area. While there are no clear stats about crime being higher in these areas, it is important to know what type of population density you want to live around, as this is very much a personal preference.

 

Note that C-train lines and other transit mediums often are associated with active neighbourhoods – think Kensington, Bridgeland, and Mission in Calgary. All are vibrant communities with a number of local stores, coffee shops, restaurants, and other amenities. Depending on the type of lifestyle you’re keen to build, living near transit may provide you the opportunity to more easily enjoy these neighbourhood aspects without the need for a vehicle.

 

Security

What you may want to consider over and above the location of the building is the type of security the condo building has as this will impact not just your physical security, but your peace of mind as well. This also includes internal security as theft can happen from an internal source rather than an external one. While you may not be able to obtain a lot of this information prior to placing an offer on a condo unit, it is worth asking how the condo building mitigates the risk of crime. When assessing the security of a condo building, specific items you should look at include:

 

  • Points of entry

    • How many entry points in the building are there?

    • What type of lock does each one have?

    • Are there security cameras at these entry points and – this may be harder information to obtain – do these cameras capture good quality videos with high resolution?

  • Parking

    • If underground, note how quickly the door closes behind you and get into the practice of watching the door close behind you as this is a common entry point for criminals.

    • If external, is the parking lot well lit, increasing security of those going to and from their vehicles outside of daylight hours?

    • What is the visitor parking like? Are there monitored times for your visitors? Does your condo allow overnight parking by visitors?

  • Fob systems

    • Becoming more popular, does your building make use of fob systems for entry, including on each floor, increasing the security of your building over and above a simple key?

  • Storage

    • What are the storage units (e.g. bike storage, unit storage, etc.) outside of your condo unit like?

    • Do the storage units have security cameras pointed at them?

    • Are these units locked and kept secure?

 

It’s important that you feel secure in the condo building so you can enjoy your time in your home.

 

Personal Preference

At the end of the day, you are the only one who can decide whether a specific location suits the type of lifestyle you’re interested in building. The key thing is to think about the type of life you want, the type of building and community you’re looking to move into, and whether or not you’ve weighed all the pros and cons of buying in a specific area.

 

Curious about how you can decide whether a specific condo property is for you or about how you can increase your own condo building’s value based on its location? Contact Catalyst Condo Management today for a conversation

 

Author has years of experience in condo management in Calgary. He suggests that communities should choose experienced & accomplished services that focus on improving efficiency & increasing cost savings.

 

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