5 Tips for Buying the Right Condominium: The Do's and Don'ts
Buying the perfect condo in Etobicoke could really be challenging, especially if you're a first time buyer. Thus, it's important to familiarize yourself with the tips on how to select one with confidence, while saving a few bucks at the same time.
Also, we're here to help. Here are the 5 Tips for buying the right condominium.
Tip 1: Pay Attention to Your Price Range
It's advisable to look at condominiums that would fit within your allotted budget. Likewise, it's also important to take into consideration the monthly fees payable to the building’s association, the interior insurance, taxes, and mortgage costs. If you can, you should also have a discussion with the local residents to determine if there will be any additional costs and customs tax for building help. If you own a car, don't forget to ask about parking, and if the garage is already included or you need to pay separately for that.
Tip 2: Consider the Interior
It's also important to pay attention to the interior of the condo and determine if the design would suit your needs. Keep in mind that major structural changes aren't that easy to accomplish and you still have to be approved by the condominium board before you could even make those changes. Thus, remodel with the approval of the architectural committee if you're not satisfied with the interior and discuss about the changes you're planning to accomplish.
Tip 3: Be Cautious About the Pre-Construction
If you're planning to buy a condominium that's under pre-construction, you must go over the builder's contract with a real estate attorney first. Likewise, determine what your recourse would be if the unit is not completed on time, and if the deposit you made would be refundable. For assurance, it's always ideal to buy a used condo instead. It already has all the systems and managerial operations in place, and you'll have a comfortable reserve.
Although, there are some amazing new opportunities in Etobicoke like the Cloud9 condominiums and Evolution condos which have reputed builders behind them and have the VIP special pricing open now. A safe investing option if you are inclined towards pre-construction condos. Tomorrow's condos at Today's Price!
Tip 4: Determine the Age of the Condominium
If the condominium has already been pre-owned, it's essential to ask the age of the building, as well as if there has been any upgrades performed. Also, note the age of the elevators, because it would be quite expensive to replace them once they malfunction. Determine the building’s earthquake and hurricane preparedness, and try to find out if it's located in a hazard zone. All of the amenities in the building should also be checked to find out if they need some replacements soon.
Tip 5: Review
Before making a commitment, review the condominium's financial statements first. Be sure that the reserve account is sufficient and the homeowners would pay promptly. Likewise, ask how many units are owned by people occupying them and how many are owned by the investor. This would allow you to determine if the unit has the ability to finance a government-backed loan.
There are a lot of reasons to buy a condo and whatever reason you do have, ensure that you're doing it the right way and you'll find the right one depending on your needs. After all, it's your future home!
Learn more about investing, buying and selling a condo please visit - http://www.etobicokerealtor.org/