How to Avoid Costly Mistakes When Buying a Condo for the First Time

How to Avoid Costly Mistakes When Buying a Condo for the First Time

Shopping for Montreal condos can be a daunting task. With an average sale price of $338,500 in 2015, they’re not exactly cheap! So if this is your fir...

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Shopping for Montreal condos can be a daunting task. With an average sale price of $338,500 in 2015, they’re not exactly cheap! So if this is your first time buying a condo, you may be quite nervous and probably even overwhelmed by the options available. Don’t worry – these tips will help you find the right one for you:

  1. Check Your Finances

How much do you earn each month? How much money do you have in the bank? The answers to these questions will help you determine exactly how much you can afford in terms of a down payment and mortgage.

  1. Pick a Good Location

For most people, the reason why they choose to live in a condo is so that they can be closer to their office or to schools. If this applies to you, then you need to decide which areas in the city you want to live in. You may also opt to live close to commercial areas so all the conveniences you want are all a stone’s throw away.

  1. Gather Information.

You can collect flyers and brochures from real estate agents. You should also read home magazines so you can get a glimpse of the different developments available. Visit property listings online too and check out the websites of developers that have projects within the area you have picked.

  1. Talk to an Agent

You can learn a lot from a real estate agent and they can help you find your dream home. Give them a good idea of the kind of property you’re looking to buy, the location you have chosen and your budget. They can then give you a list of options that meet your requirements. They can also assist you with paperwork once you’re ready to buy a property.

  1. Talk to Friends or Family

If you know someone who has recently moved into a condo, you may want to talk to them about their own experience and how they were able to pick the property they liked. Ask them about how they secured a loan from a bank and any other pertinent details. You can learn a lot just by exchanging notes with them.

  1. Read the Fine Print

Once you’ve found the perfect condo for you, it’s time to get down to business. Get to know the condo management and familiarize yourself with the building guidelines and rules. Talk to other condo owners so you’ll have an idea of what it’s like living there. Do they have any complaints about the management, developer or the facilities? These things are important to know before you sign the purchase agreement.

  1. Secure a Loan from a Reputable Bank

These days, it’s pretty easy to get approved for a loan as long as you have stable job and a good credit rating. However, you need to apply a home loan from a bank you can trust, and not just any bank that is offering you the lowest interest rates. You don’t want to end up dealing with nasty surprises later on. Ask questions, do your research and read the terms and conditions before you make a decision.

Buying a condo is a big investment. Do it right the first time around.

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