Buying Condo tips in Toronto

Avoiding Costly Mistakes: What You Should Know When Purchasing a Condo

Thursday Jul 20th, 2017

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Avoiding Costly Mistakes: What You Should Know When Purchasing a Condo

It can be an exciting experience, purchasing your first property. Pre-planning everything, searching the market, researching price factors, and planning for renovation.

But as someone who doesn’t have previous experience purchasing property, you’re vulnerable to making mistakes. Some of these mistakes can be costly, resulting in huge financial loss.

Avoiding Costly Mistakes

Budgeting before purchasing is the key to successfully purchasing your first home. But many individuals make the mistake of not researching properly, or not planning ahead. Take a look at a few mistakes that can cost you more than you’re willing to bargain for:

 Falling Prey to Gimmicks

For individuals looking to purchase a condo, it’s easy to fall prey to gimmicks. Not only is it crucial to avoid fraud, it’s also important to evaluate the property’s worth before signing the contract.

Ask people who have occupied the property previously. Did they encounter any problems? Make sure to thoroughly check everything, and research the market price. Is the heating system installed? Are there any appliances missing that were advertised? Is there any damage to the property you should be aware of? Any anticipated repairs?

These are important questions to ask before you sign any contract. In addition, make sure to properly discuss everything with your broker, in case there are additional costs you’re not aware of.

Overestimating the Price

While the price may seem affordable, it’s important to look into other factors. How much will you have to pay for utility bills, and how much is the condo fee?

What about taxes and insurance? You also need to evaluate everything before you decide to purchase the condo.

First-time buyers often focus on downtime payments, and forget about other costs. It’s important to discuss everything with your real estate agent.

 Not Thinking Logically

It’s understandable that the condo you want to purchase is your dream home. Remember that homeownership is an investment for your future. If you don’t think logically before you purchase a condo, it can become costly in the future.

You may like the interior, but the important thing to ask is: how will it benefit you in the future?

Before you decide on one condo, make sure you’ve analyzed at least a dozen properties.

  • Are there properties that are better?
  • Will the condo increase in value in the future?
  • Is the property location beneficial for you?
  • Are there facilities / amenities nearby?
  • If you’re planning on starting a family soon, will a 2-bedroom property suffice? Are there schools, day care centers, recreational parks in the area? Is the neighborhood family-friendly?

These are some of the questions to ask yourself.

 Not Planning Properly

Planning ahead can help you in the long-run. But if you’ve only researched the market 6 months in advance, it can become a costly mistake. Look into the market price regularly. This will help you make educated decisions.

Consult a broker to better understand the property market. Since they are experienced professionals, they can help guide you.

If you’re you are looking for houses in Stouffville or are in search of condos in Toronto, MLS Listing GTA provides accurate and reliable results.

The website is headed by Amin Khoshnoud, a real estate broker, who effectively caters to the real estate needs buyers in Canada. Visit the website to browse through a list of condos for sale.

 


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