Buying a condo, or any other home is very exciting for a first-time home buyer. While townhouses and single-family homes attract a lot of upkeep charges, owning a condo doesn’t. So this is a great way of enjoying homeownership without necessarily breaking the bank. The best part is, you get to enjoy the shared amenities. However, before spending your hard-earned money on a new condo, it is important to take a few things into consideration. That said, below are a few tips for buying a condo in Canada.
Decide the amenities you want
Since you are going to live in the condo, it is important to decide the kind of amenities you want to ensure that you will be comfortable living in the new place. This is not just about the available amenities, it also boils down to the location and the budget of the condo. You want to select a place that is safe for you and likely close to your workplace. Also, even if some amenities like a pool are not a priority for you, don’t overlook them. This will go a long way to ensure that the condo sells faster should you plan to resell the property later.
Inquire about special assessments
The condo association might impose additional charges for financing a particular project, this is known as a special assessment. While these special assessments are usually on for a limited period of time, you can’t just ignore them because they affect your budget when on.
Consider your lifestyle
Living in a townhouse or single-family home might put you off, especially because of the high-maintenance needs. Some people don’t mind paying $5,000 for roof replacement or mowing the lawn but if these are things that you are not comfortable with, then a condo is a great option. Perhaps you don’t mind sharing floors, walls, or ceilings with neighbors, and you are comfortable with apartment living, go ahead and buy that condo!
Work with an experienced realtor
One of the best things to do when purchasing your new condo is working with an experienced realtor. Not just any realtor, but one with plenty of experience selling condos. You want to find someone with a good track record in condos to inform you about the developments with great resale values, condo developments in your area, and issues they may have, etc.
Evaluate association fees and regulations
In addition to your mortgage, you will also be required to pay association fees that will be used to pay for the property and amenities’ upkeep. Review and ask about those extra fees beforehand to avoid inconveniences in the future.
Bottom lineBuying new property can be both exciting and terrifying. It is a life-changing decision and anyone would only want to do it right. If you are wondering where to begin, you will find plenty of real estate news at https://urban.condos/ to help you make the right decision. Before making your purchase, think about your housing needs as well as your financial situation as they play a very big role.