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Useful Tips For Buying Condos In Canada – 2021 Guide

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Written by Quentin Hack

There are many things people consider when buying their first home. They consider things like price, maintenance, and location. Your home should be a comfortable space where you retire to after work.

You can own your own home at any stage of your life, and you don’t need to wait until retirement. There are affordable home options like condos. As a young person, you will find condos affordable especially considering the high cost of rent in the country. Here are some useful tips to help you in your search for the best condos for you.

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Your Home Options

Before you decide on buying a property in Canada, you must first consider your options. There are many types of houses, and you need to understand what each of them offers and if they match your needs. You can choose to either get a full detached home or go for a condo unit. One thing about condos to note is, even though you have privacy in your condo unit, you will be sharing a lot of its assets with other residents.

Know The Different Types of Condos

Some people make the mistake of assuming that all condos are high rises. It may interest you to know that they come in different designs and structures. Some condos are townhouses, triplexes, and low-rise buildings. When buying a condo, look out for these to determine what suits you.

New or Old Condos

You may also want to choose between new condo units or buy one from an existing owner. If you buy a new condo, you would be spending very little on maintenance. This is because it is a new building and all the facilities are in great working condition. However, this is not the same for older condos. There may be a lot of repairs and regular maintenance to be done. But the benefit you get from older condos is space. They are usually much more spacious than the new condos today.

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Location

Where you choose to live in Canada is very important. You should consider your safety first when buying a home. You also need a place where you can have good access to the transport system if you don’t have a car. Your home should be in a neighborhood where you can connect to certain amenities like the market, schools, shopping centers, parks, hospitals, and restaurants.

Etobicoke and Mississauga are great areas if you want the city life. But if a small-town vibe is what you’re looking for, Whitby is a nice place. CondoWizard can help you look for condos in Whitby and other areas in Canada as well.

Condo Amenities

One of the perks of condo living in Canada is the luxury it offers. You don’t need to look for a gym outside because there is always one to use in a condo. Condos come with other amenities like an indoor pool, entertainment rooms, theatre, parks, and many others. Before you buy your condo, find out all the amenities that are available in the building.

Budget

Finally, you should consider what you can afford when buying a condo. There are different sizes of condos, and their prices differ. The price will be higher depending on the location and the amenities it offers. You should also consider the maintenance fees you will be paying on the condo. Do your research and find out the financing options available to you for the property.

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Compare Your Options

When you know the properties you can afford, you can begin to compare. With the help of real estate websites, you can narrow down your search in your preferred neighborhood. You should also consider that most of these prices can be negotiated. You may need the help of a broker to help you get the best deal.

When comparing, consider things like the size of the condo. Some condos are bigger than others. Also, consider the amenities they offer. If the amenities are more, the price will also be high. Compare each of the properties to find the right condo for you.

Research Association Rules

Condos have regulations in place to maintain peace and order. Sharing common areas and other amenities can sometimes cause some disagreements but the association rules prevent things like that. Some condos may have a rule that prevents you from bringing pets into the building. If you have pets or are planning to have pets, then consider the rules first. Some condos may also have strict rules about subletting the condo. That is why it is important to know what the regulations are. You can find out the rules of the condos from the property managers.

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Inspect The Condo

You should not buy a condo before looking at it. Many people have made mistakes like this and ended up with something they didn’t like. If you buy a condo because you liked what you saw in the picture, you would miss the other problems that property may come with. You can’t know the size of the space from pictures and you won’t be able to tell the condition of the building.

When you buy properties without an inspection, you may inherit a lot of expenses from modification and repairs. There may be leaks, damaged closets, or any hidden problem. It is better to see the condo before making any payment on the house. When you inspect the property, you also get more information about the type of people you will be living with and the area the property is located.

Understand The Purchase Agreement

One thing you must know about real estate, generally, is never to sign a contract without first understanding it. You should have a lawyer look through the terms of your contract before you agree to buy a condo. Sometimes there are hidden clauses that could affect your use of the condo. A professional will see between the fine print any clauses that does not favour the buyer and will help you renegotiate the terms of the agreement.

About the author

Quentin Hack