Are you thinking about buying a condo in today’s market? Condominiums are currently one of the most affordable products on the MLS® and are a great option for those looking to live a low-maintenance, lock-and-leave lifestyle.

Whether you’re a first-time buyer excited about home ownership or perhaps an empty-nester looking to downsize, here’s a handful of facts on condos you should know about before deciding on if this type of residence is right for you.

Get a Mortgage Pre-Approval

First off, let sellers and real estate agents know you’re serious about buying a condo by getting a mortgage pre-approval. You’ll also be doing yourself a huge favour by finding out what price range you can starting browsing in.

Some potential buyers find that dream unit on the MLS® they’ve always wanted before getting a mortgage pre-approval, then realize it’s outside of their budget. Don’t let this happen to you!

Hire a Realtor®

Hiring a professional Realtor® is the best place to start your condo search.

Having an agent who is experienced in buying and selling condos to help guide you towards a successful transaction while having your best interests at heart is a no brainer. Realtors® will also negotiate on your behalf which could translate into keeping thousands of more dollars in your pocket when making a purchase.

Let the Realtor® interviews begin!

Get a Competitive Pricing Analysis

Condominiums are extremely well-priced compared to their 2014 highs, and inventory levels remain high. In short, the segment is well into buyers’ territory meaning you got lots of time to browse the market and shouldn’t feel pressured to make a move.

There are currently some great deals out there in the condo market and it would be a shame if you ended up paying more than you should have.

Condo Document Reviews are Critical

A professional condo document review is essential to feeling confident with your purchase. A condo document review for resale properties details the following (but not limited to):

• Reserve Fund Report & Plan
• Budget & Financial Statements
• Annual Report

For example, a healthy reserve fund that will allow the condominium corporation to adequately cover repair and replacement costs is ideal and something all potential buyers should look for, otherwise you might be stuck with unwanted repair costs down the road.

Review the Condo Bylaws

Pet owners will want to take a look at condominium bylaws which specify which animals are allowed/not allowed to be living within the building.

Condo bylaws also distinguish between what’s common property and personal property, and what owners can or cannot do with those properties.

Consider Your Permanent View

Buying a condo with a view in downtown, for example, might be great. But how long is that view going to last? Is it your “permanent” view, so to speak?

You’ll want to perform in-depth research on development permits and sniff out any other “hints” of future projects then consider if these buildings may block that spectacular view you have in one, two, or even five years down the road.
Wishing you the best of luck in your home search!