Becoming a homeowner is thrilling, but you may have to shelve the emotions as buying a condo needs more focus. You have to focus on many things before you decide if a particular home is what you want. In addition, the Canadian market keeps changing, and what would have been a previous price for a condo last year may not be the same this year. Here is what you need to know about buying a condo in Canada.
When financing the condo, you will need a down payment of about 5-20% of the unit’s total cost, and you will pay the remaining balance using a mortgage. Therefore, it is essential to have a lawyer, which will also attract a notary fee. In addition, having a lawyer helps in ensuring the contract you are to sign is binding and legal and to make you understand any fine details you may have overlooked.
Apart from the notary fees, other fees include land transfer tax, provincial tax, and regional tax. The price of the condo determines the amount of tax you will pay. You can keep yourself updated by reading Presale Condo News as the price of real estate keeps varying.
2. Consider Working With A Realtor
It is possible to search for a home you like, get an offer, and then go ahead to sign the contract all by yourself. However, getting a realtor makes all that work easier for you. Besides, the expert will help you get a better offer, find your dream home faster, and help you sign a contract you understand.
3. Be Diligent
Getting a house is a piece of good news and achievement you want to congratulate yourself for, but not too fast. Remember to avoid letting emotions lead you no matter how excited you are after getting a unit that excites you. When your decisions depend on emotions, you may buy a condo more expensively than you had budgeted for it for fear of missing out.
After the purchase, you may discover the conditions of the house were not up to your expectations. You will end up using more money to repair and maintain it while blaming yourself for the wrong choice.
4. Ask Questions
Before you settle on any purchase, it will be best to ask some questions about the condo you want to buy. For example, you may want to know why the seller is putting up the unit for sale, what the sale will include, how the neighbors are, and what repairs does the condo need. Then, when you have the answers to your questions, you will make the right decisions and not regret moving in.
5. Inspect The Home
You may have had a tour around the home you want to possess, but an expert eye may notice more. Therefore, before hiring a home inspector, it is good to check the roof, structure, and plumbing conditions. However, even if the home inspector found that the roof was too old, it should not be reason enough to quit the purchase. Still, you may have to negotiate with the seller to lessen the cost of the home if it needs repairs or they renovate it before you get the house.