Tips for Buying your First Condo

As you start your journey toward home ownership, specifically condo ownership, there are some things you’d want to consider. Maybe there are some items you already have on your list to know, or at least to learn, but we want to make sure you’re making an informed decision, so you can be satisfied and confident when buying your first condo.

Having a real estate agent in your corner will be the biggest ace up your sleeve. Not only do they have the best market insights, but a great real estate agent will be working with your interests and making sure any decisions you need to make along the way are best for you first and foremost.

Have you been pre-approved?

Knowing what you can and can’t afford will help narrow down options before you start looking into the nitty-gritty. In addition to your mortgage, ensure you’re aware of other costs, like condo fees, home inspections, and everything else.

Do you know what kind of floor plan you’re looking for?

Maybe you want to live in a high rise, or maybe you want a townhome style. When you know what you want, you’ll be far less likely to be rushed into a decision. If you haven’t already, list your must-haves and nice-to-haves. Conversely, add a never-ever list. If you look at a home that would be perfect except for something on your never-ever list, that home isn’t perfect for you.

Don’t just look inside the condo when you’re viewing homes.

Look at what’s outside your condo or what isn’t outside. Think about the time of day or year you’re viewing the home, especially if you’re worried about traffic patterns.

Where is your unit in relation to high-traffic areas in the building? Are you looking at one right across from an elevator? That’s ideal for move-in day, but is it ideal for the rest of your time there? Maybe you like being in the midst of it all, but if you don’t, don’t get stuck.

Don’t be afraid to ask your neighbours what they think. Not only will it give you a vibe check on the neighbours, but it’ll also give you more of an honest review of the building, the condo board, and surrounding amenities.

Also, remember that some condos have very specific rules about decorating and renovating. If you find a condo that you love but need to put some of your personality in it, make sure the condo board rules allow it.

Similarly, some condo boards will have propane BBQ rules but don’t have natural gas hookups. These are all considerations many won’t think to make when they’re looking at their first condo. Don’t be afraid to ask questions; there’s no such thing as too many questions when buying your first condo.

Make use of your Collingwood Real Estate Agent

If they’re well-versed in condo ownership, they should have answers to just about any question you could conceive of. Write your questions down, and don’t feel rushed into making a decision. Buying your first condo should be a point of pride, not something you will regret just a few years in.

At Royal LePage Locations North, we have a network of over 200 professional and qualified REALTORS® on hand. So when you are ready to buy or sell, let us help put you in touch with a Collingwood REALTOR® to fit your real estate needs.

This article was published on August 7th 2022 by Collingwood Real Estate Network.