Tips For Buying a Condo
May 3, 2021 | Posted by: Sherry Corbitt
If you are thinking of buying a condo, it can undoubtedly be an anxious process. Yet, some tips can help you be the most successful in finding and buying your condo.
Analyze your Finances
Before even considering finding a condo, it is essential to see what finances you have available for it. Knowing this before you find a condo will help you be prepared and understand what is within your budget. Having someone there to look at your finances with you can help organize things and establish a plan. Once you figure out what you have, you can decide if or what type of mortgage you will need.
Fees and Costs
When looking at condos, make sure you find out the fees and costs for each building. Most fees include heat, water, and even electrical, yet knowing if there are any additional costs is essential. When speaking with the building owner, you may even be able to eliminate some costs, depending on what you use in the condo.
Assess Condo
Once you find a condo that suits you well, it would be wise to look around the condo. Taking a walk inside and outside the condo can help see if there are any noticeable problems you see to the building or the property itself. This can further assist you in making the final purchase decision and save all the hassle of finding out later.
View the Neighbourhood
Similar to the previous tip, it is important to scope out the neighbourhood. This can help you get a sense of what the area provides, such as parks and stores. It also can assist you in knowing if the area itself is safe. This is vital to know, as this can ultimately help you make the final decision on the condo.
Professional Advice
Even if you feel the utmost confidence that the condo you have found is excellent, speaking with a condo expert would still be beneficial. They can offer their professional advice about the condo and evaluate things that you had not even noticed. In addition, having a professional can inform you of potential risks to the building itself and save you the inconvenience of finding this out after the purchase is completed.
These few tips certainly can aid in successfully finding and buying a condo.
If you have any questions or concerns about mortgages or buying a condo, please reach out to me!
Sherry Corbitt, Mortgage Broker
Sources
-Square One (2021). Tips When Buying a Condo. Retrieved from
https://www.squareone.ca/resource-centres/home-buying-selling-moving/buying-a-condo
-Wichter, Zach (2021). 7 Tips For Buying a Condo in 2021. Bankrate. Retrieved from https://www.bankrate.com/real-estate/buying-a-condo/
