Horst Richter – Royal LePage
Tips on buying your condo…
For many, a condo is the first step towards full-fledged home ownership. However, buying a condo is not the same as buying a house. If you are in the market to buy a condo, consider the following:
Secure and get pre-approved for your mortgage. Know how much you are able to put down as a deposit and plan for other expenses, such as legal, moving and possibly new furniture, upgrades and renovation costs. There is nothing worse than finding your dream home and not being able to get it.
Know the fees. There is more to condo ownership than your mortgage payment. What are the maintenance fees (current and projected)? Additional fees to consider are utility costs, property taxes and property insurance.
Who takes care of the building? A well-run condo association will set aside a third of its revenues for major structural repairs and emergencies. A condo that is not well maintained should be avoided. This can affect the resale value down the road. There should be a clear understanding of responsibilities. If a pipe breaks and it damages your living room, who is responsible?
Know the rules. Does your desired condo allow pets? Are there quiet hours? Does the building allow barbeques on the balcony?
Be well informed. Contact your neighbourhood specialist, Horst Richter, the guy real estate agents call when they need help!
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Get in touch with Horst Richter at Royal LePage!
3031 Bloor Street West