In today’s society, the appeal for condominiums is growing. Condo living is similar to apartment living; however, with condominiums, the units are purchased rather than rented. Unlike single-family homes, condo owners share common outdoor living spaces, such as recreation areas, garages, lawns and parking areas.
Both retirees and young professionals are turning to condominiums. These units are normally less expensive than single family dwellings. Also, the condominium owners are not responsible for the upkeep of outdoor areas. This means no mowing, raking or landscaping must be done by the condo owner. Instead, each owner pays either yearly or monthly maintenance fees to pay for these services.
There are numerous things to consider before purchasing a home. The following information will help you when purchasing a condominium in Toronto and the surrounding areas.
Are You A Condo Person?
Before purchasing a condominium, you need to make sure that you are a candidate for the condo lifestyle. Living in a condominium is similar to living in an apartment. You will be sharing certain areas, such as outdoor spaces with your neighbors. Additionally, most condominiums have adjoining walls. This means that you will have to be courteous of your neighbors and keep the noise down when watching tv, hosting a party or listening to music. Another thing to consider before purchasing a condo is that certain rules must be followed. Each condominium community comes with its own set of rules and regulations that must be followed. A group of officials, called the governing body, is elected yearly. This group ensures all bylaws are followed be each owner.
Resale Condominiums Versus New Construction Condos
When deciding between purchasing resale and new construction condos, there are several things to consider. With resale condos, you are able to look at the condominium before making an offer. Pre-owned units may need some renovation; however, oftentimes you can get a much larger pre-owned condo. Most new construction condominiums are not completed until an offer is accepted. This means you will not get to walk through it ahead of time. One advantage to this type of condo is the ability to choose all of your fixtures and color schemes.
Hire People Who Understand The Intricacies Of Purchasing A Condominium
A realtor who specializes in condominiums can help you find the best condo for your budget. He will be able to explain the entire purchase process and guide you toward a mortgage broker who specializes in financing condominiums.
The mortgage broker you choose should be one who is familiar with financing condominiums. This is especially important if you are purchasing a new construction condo. Your mortgage broker will work with you and the builder to get the condo completed in a timely manner.
Finally, find a lawyer who is familiar with the real estate laws pertaining to condominium ownership. Because of the additional regulations condo living requires, your attorney will help ensure that how you want to live fits with the bylaws of the condo community. Ask your lawyer to review your purchase offer before presenting it to the seller and him or her to review your financing package before committing to your financing package.
Purchasing a condominium requires a lot of knowledge. Hiring a professional real estate agent who has experience with selling condominiums will help ensure that you get a great deal and are able to close in a timely manner.