5 THINGS TO KNOW WHEN BUYING A CONDO | Condo Buying Tips
Before you buy a condo you need to learn about these top five things! Buying a condo requires that you know a few extra things. Because when you are buying a house in Canada, especially if you are buying a condo, you are also essentially buying into a company. You would want to make sure that company that you are buying is in good shape and that you know all the rules. For many first-time buyers, especially in larger Canadian real estate markets, buying a condo is the first type of property they buy.
A lot of condo buyers don’t even know, what is a condo. I know it sounds silly, but the majority of condo buyers assume that a condo is the high-rise apartments you see in Toronto and Vancouver. The word condominium means a style of ownership not a style of building. You can get condos in all shapes and sizes. Many first-time buyers turn to buying a townhouse because they often give you some of the flexibility and features of buying a house, while giving you the low maintenance lifestyle condos offer.
Buying a condo also means that you cannot spend as much money as you could on a single-family home. Because condo fees are included into your debt service ratios that maximum you can spend when buying a condo will be less then when buying a house.
Yes condo fees get a bad name. They reduce how much you can spend when buying a condo but also they are an additional monthly expense that you have to pay. But condo fees do have some advantages. Instead of cutting the grass or shoveling snow you pay your condo fees and someone else does that for you. That is the condo lifestyle. This is one of the reasons condos are so popular for first-time buyers because of their simple lifestyle.
One of the most important things you need to know when buying a condo is who’s responsible for what things. You need to know what you are responsible to fix and what the condo board is responsible to fix.
[0:00] Introduction
[1:25] Another Bad Dad Joke
[1:33] What is a condo?
[2:59] Qualifying to buy a condo
[4:57] Condo fees
[6:57] Who’s responsibility is it?
[7:54] Getting the estoppel package
[9:50] Wrap up
#BaldPrairieRealEstate #BuyingACondo #Condo
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My name is Matthew Pfeifer and this is Bald Prairie Real estate. I am a realtor in Regina Saskatchewan working for Royal LePage Regina Realty. In nearly 10 years working as a real estate agent I have seen both ups and downs in the market. But there is no real estate market that you cannot buy or sell a house in. Often the media tries to present a Canadian real estate market, or they talk about the real estate market in Canada as if there is a national market. The real estate market in Canada is very regionalized. Being from Regina I focus on the Regina real estate market. Bald Prairie real estate is about educating you about Canadian real estate. I cover first-time home buyer topics, tips for selling your home, how to buy a house in Canada and monthly Canadian real estate market updates.
(306) 591-3353
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Royal LePage Regina Realty
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