Condo buying 101

Generally more affordable, easier to maintain, amenity-rich, and often located in desirable neighbourhoods, it makes sense that condos are an increasingly popular choice among first-time homebuyers in Canada.

However, purchasing a condo is completely different that buying a traditional detached single-family home.

There is a host of factors to consider that are unique to the condo buying process. If you are a first-time home buyer looking to purchase a condo, the following helpful tips will guide you through the often complex journey.

Condo vs. House: What is the difference anyways?

When you purchase a unit, ownership is contained within that unit’s living space and a portion of the building’s common spaces and assets.

Condo (Strata): Not just high-rises

Condos also come in a variety of formats such as units in low-rise buildings, townhouses, and triplexes.

Brand-new or resale

Besides dwelling type, when purchasing a condo you have the option to choose between a brand new unit or one that has been previously lived in.

Location Location Location

The neighbourhood makes the condo. Ensure your condo has many amenities nearby (such as coffee shops, gyms, restaurants, parks, and links to public transportation).

Your financial comfort zone: Factor in monthly fees

When purchasing a condo, it is not only the monthly mortgage payments you have to factor in, but also monthly maintenance fees.

Do your due diligence

It is clear there are a number of different factors to consider when purchasing a condo. As a result, it is imperative that you take the time to do your due diligence.

Condominium living can be an affordable and relatively carefree housing option. For instance, owning a condominium can mean fewer maintenance and repair responsibilities, more predictable monthly maintenance costs, and access to a wider range of on-site amenities that you otherwise might not be able to afford. However, condo living can also mean less privacy, having to pay for amenities you rarely use, having less of a say in deciding when repairs get done, as well as possible restrictions on things such as parking, pets or smoking.

Want to know more? Please give me a call at 250.826.3543 or email [email protected] and I will be happy to provide you with a copy of our Condominium Buyers’ Guide.

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About the Author

April Dunn is the owner and a Mortgage Broker with The Red Door Mortgage Group – Mortgage Architects. She has been assisting clients to purchase, refinance or renew their mortgages for over 20 years.

April has experience as a Credit Union manager, a Residential Mortgage Manager with a large financial institution and as a licensed Mortgage Broker. By specializing in Strategic Mortgage Planning she has the tools available to build a customized mortgage plan, with the features and options that meet your needs.

April provides a full range of residential and commercial mortgage financing options for clients all over the province of British Columbia and across Canada through the Mortgage Architects network.

Contact e-mail address: [email protected] or by phone at: 888-561-2679.

Website:  www.reddoormortgage.com

The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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