7 Tips To Purchase Your First Condominium

condoEveryone has a dream of changing status from being a renter to being an owner. For some, having a backyard is not part of that dream and a condominium is the perfect remedy for them. Many people nowadays prefer this type of housing as it is cheaper than purchasing a single house. However, it is important for first-time buyers to know that every condominium community has different rules, management, associated costs and social amenities. There are certain things that you should put to consideration before deciding to enter into a contract to buy.  This article will help you to choose the perfect condos for sale in Edmonton!

1. Determine Whether A Condo is Your Thing

Before buying your first condo, it is important to know whether it really is what suits your housing needs. You must think about the number of neighbours you are willing to have. Consider how close you would want to live to your neighbours. Most condos involve sharing amenities, having a management company and association fees. You must think about all this to know whether this is your best fit.

2. Make Your Budget Limit

You should think about how much you intend to use on housing payment. The amount you decide on should be one that you are comfortably able to cater for. Take into consideration the entire amount of the condo in respect to your gross monthly income. You must think about the whole cost of owning the house: the association fees, principle, interest, real estate taxes and insurance.

3. Know What It Comprises.

It is very important to know what the condominium includes before making a purchase. Enquire whether there is a reserved parking spot. Is there additional parking for guests in the condo? Is the parking in a covered garage? Make sure to know things to do with security, does security come in the package? Have special interest in the maintenance, how well is it done? This are some of the questions you should ask yourself.

4. Know About The Association Fees

Before making your first purchase, you must know what the association fees are. In some places there are monthly, quarterly, half yearly and even annual fees meant for the common expenses. You should evaluate the association fees and weigh them against the amenities and benefits you are to get.

5. Hire Services Of An Experienced Real Estate Agent

Go for an agent with specific experience in dealing with condos to help you with the purchase contract. The agent will represent your interests in the negotiations. An experienced agent will guide you through the right process and will ensure that no important document is disregarded.

6. Examine the Association Rules

Every community has rules and regulations governing it. In most condominiums rules must be set in order to maintain peace and stability due to the fairly large neighbourhood. Some of the rules may include issues like pets, silent hours and letting. You can have your lawyer review the rules for you.

7.Negotiate The Price And Source For Financing

A good agent should take you through the negotiation process and ensure that you get the best deal. After this you should make arrangements to get the financing you need. You can choose obtain a private mortgage for the purchase, get financed by a lender or purchase the condo for cash.

Association of Condominium Managers in Alberta

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