Condos, short for condominiums, provide a stable, affordable, amenity-induced experience that requires less maintenance. For many families, condos offer a better housing option than a traditional home. But buying condos is not the same as buying townhouses or single-family houses. Therefore, it is essential to understand what you are getting into before making the decision.
Read on to learn the tips for buying your first condo.
Determine If A Condo is the Right Fit
Owning a condo is different than owning an apartment and owning a house. Therefore, it is important to ask yourself if you really want to buy a condo or not. Before you start looking, you must weigh down the pros and cons.
There is definitely an appeal in buying a condo because it comes with amenities like tennis courts or swimming pools. Adding to the same, there is also no pressure to manage the maintenance of those amenities yourself. But, condos have their drawbacks too. It is very possible that you may have multiple condos attached to yours instead of a free-standing residence. And if you are not a social person, you may not like having to share communal spaces with your neighbors. So, think thoroughly before making the decision.
Hire A Real Estate Agent
Since the purchase contract for a condo is not the same as it is for other types of housing, selling a condo is much different than selling vacant land. It involves different contingencies than there are in a residential sale contract.
Most condo communities will require you to sign a contract in addition to the typical sales contract before the deal is closed. This community contract will usually state that you are aware of the association rules and are agreeing to follow them.
Due to the difference in contract clauses, it is imperative to work with a trusted, qualified real estate agent who has experience selling condos. A real estate agent will not only help you look for condos for sale in Mississauga but will also guide you through the process.
Check and Improve your Credit Score
Obtaining financing for a condo can be trickier than a single-family residence, as many lenders do not allow condo purchases.
The first thing that banks and lenders look at it is your credit score. Your credit score is a reflection of how much debt you have and how good you are at repaying them. It is one of the significant factors that affect the mortgage rate you pay. Therefore, you must make sure your credit score is in good shape.
Know What the Condo Includes
This might sound like an obvious tip, but sometimes people overlook the importance of knowing what exactly does the condo includes.
Whether you are looking for condos or townhouses for sale in Burlington, you must make sure that it includes a reserved parking spot or additional storage. Is the parking slot in a covered garage? Will your guests have access to extra parking spaces? You will have to ask certain questions because the last thing you want is moving into a new condo only to find out there is no place to park your car.
Predict Your Future Plans
Predicting future plans might sound foolish in the first place, but it is something that will help you in the long run.
The value of a condo usually does not appreciate as much as a single-family house. That is why it is important to have a good idea about your future plans. If you are considering to live in the condo for ten years, then the rate of appreciation does not matter. But if you plan on moving in a year or two, this tip can help you prepare financially.
Just like it is impossible knowing what the future holds, there is uncertainty in what will happen to the market in the coming years.
Buying a condo involves many steps. However, there is a lot you can do to make the process easier. By following these above tips, you can feel comfortable and satisfied in your condo, should you decide to go that route