Condo Buying Tips!!!
Condo sales are on the rise! Unit’s are not lasting more then a week on the market! In GTA, people are rediscovering the joys of living downtown once again, along with the low-maintenance, easy lifestyle that goes with having your very own castle in the clouds. And with real estate value on the rise a condo is an affordable way into the market, especially for the young first time buyer great stepping stone!
First things first!
1 Hook up with a professional realtor to help with the buying process. It costs you nothing, since the seller pays the commission.
2 Go to a financial instutuion and get qualifed, to determine how much of a mortgage you can afford.
3 Find a good solicitor
4.Crunch those numbers and really put all costs on the table, think of closing costs, moving costs, land transfer fees, and lawyers fees.
5. Keep an open mind, on your hunt you will have the opportunity to view several types of housing types from Hi Rise, Low rise, condominium,freehold. Some with amenities some without, there is something out there for every buyer. You just have to find it!
6 Visit the neighbourhood at different times of the day and evening, also at different days of the week. To see if you really like the location and demographics
7. Try to avoid suites in front or beside elevators and garbage shoots. It may not bother you but for resale purposes it may narrow your marketing capability
8. A parking space is a great investment! Even though you may not drive its a great way to bring in a small little income. And for resale it adds value to your suite.
9. Storage lockers are something to consider as well, a lot of condos don’t have enough storage space. This will give you that space to store away sporting goods and household items you do not use on a daily basis eliminating clutter.
10. Condo fees, most condos now days meter hydro and gas separately you pay for what you use which keeps the carrying costs down. Indoor pools can be fun but also a burden 15 years down the road, the cost of maintaining that pool and can harmful on the condo fees. Try to look for condos that have outdoor pools instead. This way that pool is only open 3 months out of the year and keeps the maintenance low.
11. When going on showings, don’t allow the razzle dazzle fool you, try to look through the glitz amd glam. Also if you go into a condo that doesn’t look so great try to ignore the not so up to date decor, look at the raw potential the suite has, a little paint goes a long way.
Good luck with the search of your new home!
