Buying your first dream condo is easier and much more convenient than you think. However, with so many available options in the market and different offerings, sometimes it becomes overwhelming. While you step out to search for the best condo for you & your family, there are a few things to keep in mind.
It’s instrumental in knowing that every condo or condominium community is different, and it should gel well with your lifestyle. From amenities to maintenance community rules and fitness center — you need to know everything that matters before signing the contract. To ease your buying process, here are the top ten tips for buying a condo that will save you an ample amount of time.
1. Whether It’s the Right Fit for You?
The first thing you need to ask — is this condo the right fit for me or not? As each community is different, you need to check what amenities they offer and how good neighbourhood connectivity is? If you have a family, you need to consider the school’s distance from the condo, indoor playing facilities and more. To keep it simple — prepare a list of everything you want and check which project is getting you maximum tick marks.
2. Hire a Professional Agent
Buying a property comes with many paper formalities, and handling them alone may be a time-consuming process for many. Always hire a good property agent that can suggest the best options that match your all requirements. Agents will make all formalities easier for you to understand and work around.
3. Getting Finances Right
You ought to plan your finances to make the buying process seamless and quick. It would be best to research your side based on your budget, mortgage, and monthly payouts. A good property agent will help you sort the finances before you plan to buy a condo.
4. Know What Your Condo Includes
This little thing makes a substantial difference when you finalize your condo. It’s always a smart move to ask the real estate agent what this condo will include? Whether you get free parking, additional storage space or anything that will add more value to your daily life. Having your parking is a valuable addition that you can consider.
5. Maintenance Fees
It is a monthly fee that you will be paying and it comes with all condos. This fee is for maintaining the shared amenities. Before you finalize your dream place, ask about the exact amount you will pay for these unavoidable expenses. If you are comfortable with the charges, you can consider that condo.
6. Amenities for all
Living in a condo comes with its advantages, and a shared pool of amenities is one of them. Some of the amenities the condos offer are fitness center, swimming pool, a social gathering place, and so on. If you are into playing tennis or another sport, ask your agent. Do check the complete list of amenities that you will get with the condo.
7. Review the Rules
Most people overlook the condominium corporation rules and guidelines while signing the contract; however, it’s essential to know the regulations. For example, the building may not allow pets. You need to check all the rules as you will be a future resident of this building. If you find anything bewildering, ask the agent directly.
8. Special Assessments
A Special assessment is a levy that the condominium corporation collects to cover any necessary project expenses within the building. It could be towards a future renovation, or a structural reformation. So, it becomes highly critical to know about these special assessments and check whether it’s written in the Status Certificate.
9. Condo Insurance
The maintenance fee generally covers the building insurance that includes common areas like elevators, lobby, gym, and more. However, this insurance does not cover your condo, suite or personal belongings. To protect your place, you should consider home insurance that ranges from $20-50 per month. It is not mandatory but it’s a good way to keep your property and personal belongings safe.
10. Condo Property Taxes
Canadian property owners have to pay taxes once a year and the government utilizes the capital for the welfare of public schools, libraries, and more. The property tax varies on multiple factors, including education tax rate, municipal tax rate, and your property valuation. For example, for your $600,000 condo, you will pay a yearly tax of $3,800. It’s a smart approach to save $318 every month to pay the property tax.
These were the quick ten tips to buy a condo for the first-time buyer. Keep these valuable points while you finalize your dream living place and take benefits to the fullest. Contact Conquer Condo Expert for quick assistance for buying a condo in your preferred GTA area. We will walk you through the best options to invest.