7 important steps for buying a condo
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Today's post is a guest post from Emmy at Tremblant Realty in
Everyone has a unique list of priorities and necessities when it comes to purchasing a condo. There are, however, at least seven crucial items which should appear on everyone’s list, items which will save you the agony of discovering your new property isn’t all it was hyped up to be.
1: Measure the dimensions of your new condo accurately and compare with the dimensions of the floor plans in your purchasing contract. This will help to ensure you are getting the exact square footage and dimensions that have been agreed upon.
2: Have the plumbing and electrical systems inspected by a professional. Conducting a mere visual inspection can overlook hidden problems which will cost you later. Prepare a list of needs and expectations for your experts so they can properly evaluate the situation and so they won’t have to guess what work needs to be done. If you can’t have a living room without at least 6 wall plugs on 3 separate circuit breakers, let them know. Being specific now will save you having to remodel later.
3: Get to know the condo association you’re buying into. Unlike the purchase of a single home dwelling, a condo is a shared community that relies on similar values and expectations. Whereas your home is your castle when you own the land, your condo is a village that you have chosen to be a part of. You and your fellow condo owners should act responsibly towards each other and towards the building as a whole.
4: Hire a real estate agent as well as a real estate lawyer. These minor investments now will save you thousands of dollars in headaches and problems later. If you are buying a condo resale, there are fewer chances of surprises when you finally move in. If you are purchasing a project under construction, however, make sure your lawyer inspects your purchasing contract. Developers are sneaky and what you get might be drastically different from what you bought two years ago. Having experts on your team is always a good idea when purchasing a new home.
5: Speak to your potential neighbors, get a better feel for the community you’re going to be a part of. Are people late with their fees? Do some of them party every weekend? Are they happy with how the association is managed? One answer to any of these questions could be all you need to know to either stay or move on.
6: Learn about your condo fees. What do they cover? Will you be paying for swimming pool maintenance that you’ll never use? What you pay into now needs to be designed for the Condo Association’s future. Whether they cover future repair costs (Reserve Fund), or the current up keep of the building it’s important that you are aware of your responsibilities.
7: Get everything you expect in writing and always read the fine print. When you’re done triple checking your condo contract see step #4 before you sign anything. A real estate agent will help you find what you want, from the color of the walls to the style of lighting fixtures, and a lawyer will make sure your contract states that you’ll get what you want.
Everyone has a unique list of priorities and necessities when it comes to purchasing a condo. There are, however, at least seven crucial items which should appear on everyone’s list, items which will save you the agony of discovering your new property isn’t all it was hyped up to be.
1: Measure the dimensions of your new condo accurately and compare with the dimensions of the floor plans in your purchasing contract. This will help to ensure you are getting the exact square footage and dimensions that have been agreed upon.
2: Have the plumbing and electrical systems inspected by a professional. Conducting a mere visual inspection can overlook hidden problems which will cost you later. Prepare a list of needs and expectations for your experts so they can properly evaluate the situation and so they won’t have to guess what work needs to be done. If you can’t have a living room without at least 6 wall plugs on 3 separate circuit breakers, let them know. Being specific now will save you having to remodel later.
3: Get to know the condo association you’re buying into. Unlike the purchase of a single home dwelling, a condo is a shared community that relies on similar values and expectations. Whereas your home is your castle when you own the land, your condo is a village that you have chosen to be a part of. You and your fellow condo owners should act responsibly towards each other and towards the building as a whole.
4: Hire a real estate agent as well as a real estate lawyer. These minor investments now will save you thousands of dollars in headaches and problems later. If you are buying a condo resale, there are fewer chances of surprises when you finally move in. If you are purchasing a project under construction, however, make sure your lawyer inspects your purchasing contract. Developers are sneaky and what you get might be drastically different from what you bought two years ago. Having experts on your team is always a good idea when purchasing a new home.
5: Speak to your potential neighbors, get a better feel for the community you’re going to be a part of. Are people late with their fees? Do some of them party every weekend? Are they happy with how the association is managed? One answer to any of these questions could be all you need to know to either stay or move on.
6: Learn about your condo fees. What do they cover? Will you be paying for swimming pool maintenance that you’ll never use? What you pay into now needs to be designed for the Condo Association’s future. Whether they cover future repair costs (Reserve Fund), or the current up keep of the building it’s important that you are aware of your responsibilities.
7: Get everything you expect in writing and always read the fine print. When you’re done triple checking your condo contract see step #4 before you sign anything. A real estate agent will help you find what you want, from the color of the walls to the style of lighting fixtures, and a lawyer will make sure your contract states that you’ll get what you want.
Thanks for posting the informative article.Keep posting.
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8:18 AM
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6:53 AM