There are many different types of mortgages, including conventional, high ratio and second mortgages. Take the time to discuss your current financial position and future goals with your financial advisor and be sure that you are comfortable with your purchase. If you are presently renting and are looking at purchasing for the first time, here are some important points to consider when assessing what is affordable for you.
The more of the purchase price you can afford to pay initially, the less interest you will pay over the course of your mortgage. Consider the type of mortgage, rate of interest and term. Consult with your financial advisor or bank loans officer to decide what works for you, and what would be your financial position if mortgage rates were to rise.
Life insurance may also be desirable but ensure that the costs are also factored into your monthly budget. The more frequent your payments, such as every two weeks instead of monthly, and the shorter the amortization period, the less interest you pay over the course of your mortgage. As a condominium owner, you will pay a monthly fee that is your share of the operation and maintenance of the common property elements.
When you rent a place to live, the property tax is usually a part of your rent. When you own a condominium, you are responsible for paying your own property taxes. For a new condominium, the municipality in which your condominium is located should be able to tell you how much you can expect to pay. For existing condominiums, this information can be provided by the real estate agent or the vendor.
Ask for a copy of the most recent property assessment and tax bill.
These may or may not be included in your monthly condominium fee. You will want to know what you can expect to pay for utilities such as natural gas, water and electricity.
See Condominium purchase and recurring costs to help you with your budgeting. Find out exactly where your unit ends and the common property begins. Is the door to your home part of your unit, for example, or is it part of the common elements?
Your unit factor is usually based on the size and location of your unit. Before you buy, verify what your unit factor will be with your lawyer. For more information on unit factors, see How are my voting rights determined? Your province or territory may have another name for this, such as contingency fund or capital replacement reserve fund. A reserve fund ensures that the condominium has enough money to pay for the major repair and replacement of the common elements over the life of the building.
These may include the roof, roads, sewers, sidewalks, elevators, plumbing and other building systems. For more information on reserve funds, see Is there enough money in the reserve fund? New condominiums are often protected by third-party new home warranty programs. Warranty programs ensure that the condo is properly constructed and meets building specifications. For more information on home warranties, see How do new home warranties work?
There are special considerations when insuring a condo as opposed to other forms of housing tenure. For more information on insurance, see What property or general insurance coverage should I look for? Did you know? Buyers will think so, too. With condos, this largely means emphasizing your complex's unique selling points. Does yours have a pool? Fitness center? A parking garage?
A meeting room or lounge? Concierge services?
Make sure you play them up and show photos. If you're not sure what to play up, ask your real estate agent for suggestions. The agent's fresh perspective could help you highlight the unique selling points of your place so you'll soon be swimming drowning?
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Go to your professional dashboard. Toggle navigation. Settings Sign Out. This type of sale is called assignment.
See what you need to know! For this reason, I have put together some of the best tips for buying a condo. If you are thinking about a condominium purchase, it is super important to understand the distinction between condo living and . Make sure that these types of condos are not impossible to sell. Hot Tips For Selling Your Condominium If you want to learn how to sell a condo you've come to the right place! Whether you have extra storage space, new range, or a big garage, you want buyers to know about it. By not having the ability to get a buyer who wants to purchase using this type of.
What are you looking for? Home Condominium living Buying, renting or selling Buying a condominium.
Buying a condominium. When you buy a condominium unit, you: buy a share of the property's common elements. Tour the condominium property to see all it has to offer. Ask whether the unit you want to buy includes title to a parking spot, storage locker, and other assets outside the unit you might need to rent these. Do you own a pet? Many condos place limits on the number of pets and their size. If you want to pay less in maintenance fees, look for condominiums with fewer amenities, like recreation centres and landscaped grounds.
Consider your total cost of living. What is a status certificate? Common expenses fee payment status The current owner is responsible for paying the common expenses fee.
Condominium corporation financial status The status certificate also provides information about the corporation's financial health. This information comes in several documents, including: the condominium declaration stating what is part of your unit; specifies the common elements; shows the percentage of ownership each unit has in the common elements; and how much each owner pays in common expenses fees restrictions on renting the amount of common expenses defaults in the status certificate itself condominium by-laws and rules these explain how the corporation runs and any limitations on owners the budget for the current fiscal year the most recent audited financial report the current status of the reserve fund any special assessments currently in place whether the corporation knows of any factors, such as upcoming repairs or renovations, that may result in future common expenses fee increases.
In a newly-built condominium, this information is part of the disclosure statement. Pre-construction or resale: What's right for you? Which is right for you? Consider the pros and cons of both: Pre-construction Pre-construction pros Pre-construction units may feature lower prices than resale units depending on market conditions. You may have a greater choice of units within a building if applicable. You will enjoy upgrade choices e.