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What To Look for When Buying Your First Condo

What To Look for When Buying Your First Condo

posted in Mortgage News

For many Canadians, purchasing their first home is a huge undertaking, and one that few take lightly. As such, it’s important that when buying a condo, you take just as much care and carry out just as much due diligence as you would when buying any other type of property.

Here are a few things to keep in mind when buying your first condo:

Review your budget carefully

This may be a bit of a no-brainer, but it’s worth reiterating its importance. Working with a mortgage broker and getting pre-approval is a great way to know how much you can afford when condo shopping.

Check the condo fees

Such things as lawn maintenance, snow removal, exterior maintenance and a variety of other services are all the responsibility of the condo corporation, and unless you’re incredibly lucky, most of the costs associated with these activities, will filter down to you and the other residents in the form of condo fees.

Make sure that you know exactly what services are included in the fees and what is your responsibility, or that of the condo corporation. One way of getting to know this better is by reading through the review of the condo meeting minutes for the last year, where you can usually read about issues the condo is dealing with, its financials and whether there are enough funds to maintain the property adequately.

For more detailed help reviewing a condo’s details, you can enlist the help of a condo document review company, and/or a lawyer to review the finer details.

Speak to people already living there

This is a fantastic way to learn more about the condo you’re interested in moving into, and speaking to more than one person will give you a more rounded view of the place.

Know the condo rules and bylaws

As condo’s are run by members of the association, you may come across some rules or bylaws that you don’t like or agree with, so it’s important to be aware of all of them before taking any further steps to purchase a home there. In some instances, changing rules that you don’t like may not even be possible, and could seriously impact upon your time spent living there and your life in general.

Buying a condo can be a great investment, but it really is important to carry out extensive research before buying one, as they are markedly different than other types of homes. By following the advice above, you can make the right decision as to whether you buy a condo, or start looking for alternative types of homes.


Mortgage News

06 dDec, 2022

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