Condominiums are among the fastest growing properties in Canada because the average price for these units is far below that of single-family homes of a similar size. Besides, condominium living offers many benefits like availability amenities, central location, and shared maintenance costs just but to name a few. Here are some tips that will see your dream of owning a home come true.
Get a Pre-Approval
If you are not able to purchase your home in cash, the chances are that you might need a loan. Thus, when looking for a condo, getting a pre-approval for a mortgage can be a great way to start your property search. A pre-approval essentially lets the seller or agent that you have already been qualified for a loan by a bank. Without a pre-approval, you might be required to bid way above the asking prices to compete with other pre-approved buyers.
Buying a condo essentially means that you are moving into a community. Thus, it is advisable to understand the type of people living the building before making a purchase. Lifestyle matters a lot when it comes to analyzing the demographics. For instance, a young couple might not be the best fit in a neighborhood full of pensioners.
You also need to understand the nature of the property you are moving to. Look at the building’s desirability in the market. How is it priced compared to other buildings? How fast do the units sell? You need to get these details before making a purchase. If the units are priced above or below the market value, make sure you understand why and be comfortable with the reasons given going forward.
It is also imperative to pay attention to the layout considering that different buildings are designed with multiple layouts. You can have two units of similar sizes, but with entirely different configurations. Thus, it is up to you to find a condo with an appealing design.
Getting the perfect condo requires due diligence on your part. As much as you might working with an agent, you also need to ensure that most, if not all, of your preferences as far as owning a home are met. If you are buying for the first time, it makes lots of sense seeking professional guidance.