Condominium units have become a wise alternative to owning a home. This is not surprising, as living in a condo can be more convenient than living in a house. A condo is ideal for individuals living alone, small families and older people. And because condos are smaller, they are less expensive to maintain.

Condominium sales are booming in many urban areas in Canada especially in large cites such as Toronto and Vancouver, with several buildings being set-up. Today, condominiums continue to appreciate in market value at a rate that is almost as fast as that of single-family residences making them a good investment.

Buying a condo with features that are in high demand will maximize the profit on your real estate investment and create an enjoyable condo living environment.

A condo with a view
A spectacular view is an important factor in deciding the value of a condo unit. A unit with an unobstructed view of the cityscape or a lake is much more preferable to a view of an industrial building or a neighbour's kitchen. Condo buyers should check with the City to find out if there are approved plans for the construction of new buildings that would obstruct their condo's prized view.

Choose a south or west-facing unit that offers optimum light, which can make smaller spaces look larger. Balconies and patios provide desirable access to the outdoors, which is highly sought after by condo dwellers. Although these features will cost a premium, they are more than worth the investment, and will help getting a top price when it's time to sell.

Condo maintenance fees
Buying a condo with a relatively low maintenance fee is a smart choice. Maintenance fees are a regular monthly expense and they tend to increase over time. Maintenance fees vary from condo to condo depending on what expenses are covered.

Many condos have amenities that include gyms, swimming pools, squash courts, party rooms or rooftop patios. The cost of these features will result in a higher monthly maintenance fee. Condo buyers should consider whether they will make use of these facilities in order to justify paying a higher maintenance fee.

High demand condo features
Look for condos with modern kitchens and bathrooms that not only provide immediate aesthetic appeal, but are in great demand by buyers. Upgrading a kitchen or bathroom can cost anywhere from $2,000-$25,000 depending on what is required. Investment in a kitchen or bathroom renovation, however, is one of the best ways to increase the value of a condo as the renovation dollars will more than be reflected in the selling price.

Hardwood floors are a very popular feature in condos, not only offering a stylish appearance, but also providing a desirable, easy-to-clean alternative to stain-weary, allergen-inducing broadloom. Many sellers in fact replace the broadloom with hardwood before putting their condo up for sale in order to attract buyers.

Storage space
Storage space is important because of the small size of the condo unit. Some condos include a storage locker in the common areas of the building. Make sure there is enough space for your essential seasonal items – such as a bike, skis, snowboard, hockey gear, baseball equipment, Christmas tree, etc.

Car parking
Parking spaces may or may not be included with a condo. As parking in large cities can be scarce, a condo that has a parking space included is a very good investment. Keep in mind that the price differential for condos with a parking space is $10,000-$15,000, but parking spaces may be rented out to other condo dwellers.

Ensure that the building has ample visitor parking or that there is available street parking in the neighbourhood. Many condos in the downtown core provide no visitor parking, leaving the costly option of parking in a public parking lot.

Building construction and venting
Is the condo a concrete or wood frame complex? This makes a huge difference in noise and overall fire safety. In addition to generally being safer, concrete buildings have less suite to suite noise, meaning you will rarely ever hear your neighbour. Wood frame construction will make you susceptible to hearing side to side and up and down.

Kitchen and bathroom venting is also important. Does the stove hood fan vent outside the complex or does it circulate? Some older complexes ventilate throughout the complex instead of outside.Walking down your hallway smelling what everyone is or has been cooking would not be a pleasant fragrance.

If the building has air conditioning, verify if it is regulated in the suites and hallways, and make sure that the air is recycled.

Building security
While having a security guard on site does provide added security, keep in mind that this expense will increase the maintenance fee.

Owner occupancy rate
Finally, it is also important to take the time to find out who occupies the other units of the complex. Owners occupying their suites have an invested interest into the building and typically take better care of common areas.

Unfortunately, there seems to be a trend in many complexes for units to be occupied mainly by renters. This can create a problem when the occupants have very little pride of ownership; making it almost unbearable for those who have paid good money for their own units.

So remember, don't get too caught up on the looks and cosmetics of a condo. Go back at least a couple times to view all the things you may have overlooked or didn't consider when visiting the first time.