Are you planning to buy a Condo for the first time?
If yes! Here are few tips for all newbies through which they can easily decide for a perfect living space for your family.
Information About Condos
A condominium, often shortened to condo, in the United States and in most Canadian provinces, is a type of living space which is similar to an apartment but which is independently sellable and therefore regarded as real estate. It is where the condominium building structure is divided into several units that are each separately owned, surrounded by common areas that are jointly owned.
Residential condominiums are frequently constructed as apartment buildings, but there has been an increase in the number of “detached condominiums”, which look like single-family homes but in which the yards, building exteriors, and streets are jointly owned and jointly maintained by a community association.
Unlike apartments, which are leased by their tenants, condominium units are owned outright. Additionally, the owners of the individual units also collectively own the common areas of the property, such as hallways, walkways, laundry rooms, etc.; as well as common utilities and amenities, such as the HVAC system, elevators, and so on. Many shopping malls are industrial condominiums in which the individual retail and office spaces are owned by the businesses that occupy them while the common areas of the mall are collectively owned by all the business entities that own the individual spaces.
The common areas, amenities and utilities are managed collectively by the owners through their association, such as a homeowner association or condo corporation. In Ontario province, condos are registered as condo incorporation by law.
Tips for New Buyers
When you look for a lucrative advertisement of “condo home for sale” you never think about the pros and cons of buying that condo property. This may lead to a substantial loss, and your savings can turn to dust with one wrong decision.
Following tips will help you in purchasing a perfect condo as per your requirement and budget without wasting money.
Start your search –Condos for Sale Advertisements
You know your requirements best, so it’s ideal to start your search on your own as well. Check for the condos for sale advertisements on the internet and newspaper or just google the keyword condos for sale. In this way, you can also get an idea about the facilities, prices and locations which suit your budget. You can also ask your friends and social circle to help you out in finding a good place as per your requirements. You can save the service charges for home hunting. Search condo homes for sale online is free.
Hire a Real Estate Agent
Your next step is to hire a real estate agent. An experienced agent fully understands the condo market, the requirements and client`s budget frame. They suggest options as per the defined requirements, show you multiple condo units and also help you out in legal ownership process, loan process and other formalities. Most importantly, they help you in drafting the offer, presenting the offer and negotiating the price for you. A good agent may save you thousands of dollars in negotiations.
Condo purchase is a little different than a usual home purchase. The reason is condos have common elements and maintenance fee. In most cases you need to sign a few additional clauses and a condo offer documents other than typical offer for freehold properties. These documents state about the some condo rules and your agreement to all condo clauses.
Check For Mississauga MLS Listings
Check Mississauga MLS Listings which include listings specifically for condos. Listed homes and brokers will give you an idea about the market trend and cost of residential spaces in any specific location. It will also help you in deciding which real estate agent is a good fit for you before you start doing any deal or sign any contract.
Inspection and Community Rules
Most people hire an inspection team for pesticide, constructional value and other varieties of inspections and wait for their approval before they say YES to any home for sale. It is always recommended to personally take part in inspection work along with the inspection team and make sure that the team can access all the corners and places of a condo.
Also, check for community rules and thoughtfully say yes to them. These rules can also make your life problematic if you are not ready to follow them. Also, some condo communities have high maintenance charges whereas some have rules of not compensating the plumbing or other maintenance work from paid charges. Never forget to meet neighbors to know about the people already living there.
Hopefully, you will find these tips worthy enough to be followed before you buy a condo.