Buying a Condo for First Time Buyers

Buying a Condo for First Time Buyers copy

Is it time for you to move out on your own? Looking for something different and new? Condos could be the answer. If you are a first-time home buyer, there are a few things you should know and tips you can use for buying a condo. With agents from Royal Canadian Realty, you can shop for homes easily and stress-free, because you can rely on our agents to have updated information on the condo market.

Here is some information on buying a condo that you could find useful.

Tips for Buying a Condo for First-Time Home-Buyers

  1. Consider if the Condo lifestyle is for you: having a condo is different than owning a house. You will have multiple neighbours and closer proximity than with a single-family home. Usually, you don’t do your own lawn, flowers, or snow removal either.
  2. Use a knowledgeable Real Estate Agent: Purchasing a condo is different than buying a house. The purchase contracts for condominiums are extremely different. Commonly, a contract plus the usual sales contract must be signed by buyers. 
  3. Review Condo Rules: Condos are communities with rules, regulations, and associations. The rules are made to keep things peaceful and working smoothly. There are often restrictions, so read the rules before you move in so you will know if you can live with them or not.
  4. Get information on Condo fees: There are many types of fees involved with condos. Do your research and find out what fees your condo has. There are usually, association fees, maintenance fees, and management fees. Review the fees and see what each one includes.

Five Things to Remember When Buying a Condo

  1. Size: Find out the square footage of the condo. This will help to figure out if your furniture will fit. You will want to know this information, especially with pre-construction where you don’t have a chance to walk through the condo before you buy.
  2. Amenities: These are the extra things that make living in a condo special. Amenities can include things like gyms, pools, or visitor parking among other things. Consider if you will be using these amenities enough to make it worthwhile. Remember, the more amenities, the higher the fees, usually. 
  3. Funds: Having a reserve fund is a good idea. This will allow you to have funds for surprises or things like capital expenses or repairs and maintenance.
  4. Rules: Having a condo is different than having a house. There are often restrictions, such as having pets. You could also require permission to do renovations or something similar. Find out what the restrictions are before you buy so you know if you will be able to live with them.
  5. Location: Of course location is important. You should think about the neighbourhood, and how long you want to stay in the area. What is the resale value of the condo, and are you going to be satisfied with the location for a while?

Condominiums are a lifestyle choice. If you want to have a home, but not a house, consider this type of place. If a condo is for you, consider calling us at Royal Canadian Realty and letting one of our knowledgeable and experienced agents help you find the condo of your dreams. Live confident in your condo knowing you had the best professional guidance possible.