Often people confuse buying a condo with buying a home. However, this is a common misconception. There are a lot of different things that need to be considered and taken care of while investing in a condo. Generally, such investments involve a large sum of money. Therefore, it is best to make sure everything falls into place when you are out there searching for the perfect condo for your family.
Tips to follow before Putting Money on the Table
If you are planning to buy a condo, the following 5 tips can really help you:
- Know More About the Condo Regulations – Different condo developers may differ in their regulations that help them govern and maintain their towers/condo complex. Thus, it’s extremely important for prospective buyers to carefully read and understand their regulations since it is beneficial to learn as to what these developers allow and what they do not. Understanding their policies regarding pets and other matters at an early stage will help you to identify potential sources of conflict.
- Know the Installments – If you plan to live in a condo unit, you should endeavor to find out the additional fees that can be payable, so that you can plan your budget accordingly. Learn about the monthly fees, payment method and fee schedule, as well as the penalties for late payments. In addition, learn about other costs, such as maintenance fees and emergency funds, club membership fees and more.
- Get to Know the Fellow Tenants – Just like a residential community; condo units also have other tenants. Trying to learn as much as possible regarding your neighbors will help you better adjust to the new environment.
- Enquire About Security Regulations – Rarely do people know, but most of the people tend to go for condo units because of the level of security they provide. Still, it is best to enquire about the safety and security standards of the complex you are planning to buy a unit in. Ask the officials regarding the schedule of security guards and doormen. Make sure that the entrances, exits and playgrounds are always guarded 24/7.
- Ask About Maintenance Coverage – As a prospective buyer, you have the right to enquire about maintenance coverage and procedures. Some developers have an agreement with other service providers that will cover the maintenance of your basic amenities like the pool, car park, social rooms and many more.
Buying the right condo unit for yourself and your family is challenging in today’s Canadian real estate market, but it may turn out to be the best investment of your life.
We, at Nanda & Associate Lawyers, have helped hundreds of Canadians buy the best condo units for themselves in their respective regions. Call one of our Mississauga real estate lawyers anytime to get more advice on your condo purchase and other real estate lawyer concerns.
