Condo units are a perfect choice for cash investors who want to become involved in real estate. These investors can maximize their profits by ensuring that they buy condos in a competitive market where the price has already slumped slightly but the demand is still high. As an investor, it is crucial to know when the tide will change so that you can make adjustments. Understanding the market dynamics of your area helps you make informed decisions about buying condominium units.
Buying a condominium is a difficult task. If you are looking for an easy route, you will be disappointed. Though there are specific procedures that need to be followed and certain regulations that must be adhered to, it is still not an easy process.
Choosing Between Pre-construction and Pre-owned Options
Pre-owned condos are already constructed, which means you can see the exact unit you're purchasing before closing. This makes it easier for buyers to plan for any modifications they may want to make and allows them to get a better sense of what they're buying.
Pre-construction condos are not yet built, which means that the unit is still a sketch or other approximate depiction of the finished product. Often, pre-construction condos are being purchased while they're being worked on, as sales agents work to convince potential buyers to purchase them before completion. It's important to note that these units may turn out differently from what was expected or depicted in the sketches provided—so this is not always a great option for buyers who know exactly what they're looking for.
Do a Background Check on the Builder
Get details such as work they've previously handled, their response to complaints, their financial strength, and the number of resales going on. A high resale rate means either substandard work was done or there is a problem with the condo boards.
Get the Right Professionals
It is important to have a realtor who has experience in dealing with condo units because they will know the ins and outs of the market. They can help you find a suitable unit for you, negotiate the price and make sure that you get the best deal possible. They will also be able to give advice on what renovations could be done to increase value when reselling. A financial broker will evaluate your finances and arrange for a mortgage that fits within your budget. A lawyer can analyze your offer before signing it, as well as help you understand your legal obligations.
Understand the Closing Costs and Condo Fees
Closing costs include the tax on the land transfer, legal fees, fees required for bank appraisal and insurance premiums for mortgages. On average, closing costs can add up to 5%.
The second type of fee is a monthly fee associated with shared facilities like parking and elevators. These are not included in the purchase price but are paid for monthly. The monthly fees are aggregated and divided by the total area covered by all the condo units. Allocation is then done according to the size of one’s condo unit. A status certificate is always prepared yearly to show how the common
Understand the Role of the Condo Board
The first function of the condo board is to manage the condo fees and maintenance contracts. The board comprises condo owners, and it determines the condo fees to be charged. All contracts for maintenance and other repairs are entered into by the condo board. The second function of the condo board is to resolve disputes between the condo units owners.
In conclusion, having understood the process of buying a condo unit in Canada, always expect delays before you can move into your unit and think resale when the right price is offered.
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