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First-time Condo Buyer? Here are Some Tips You Should Need to Know!
Condo living realistically can be more affordable than the usual family homes. Still, you have to be cautious and have to keep in mind certain financial considerations while preparing the budget for a condo. Buying your very first condo can be a very exciting process. Things can get a little tricky for the first time condo buyers.
Support of a real estate agent can be very helpful for the first time buyers searching for Condos for sale Pickering. Contact our team at REAL ESTATE BY DESIGN TEAM if you are in a search of experienced and reliable professionals.
Plan and Prepare Your Finances
The very thing you need to do is to plan your finances and your mortgages. Create a budget which is realistic and will not put you into trouble in the future. A very simple rule that we suggest to most of our clients is to keep 30 percent of the total income for the expense of a new condo. There are several expenses which you have to keep in mind like the condo mortgage, association fee, insurances and property taxes.
Calculate the Down Payment
After planning and preparing your budget you need to set a percent for the down payment. It totally depends on the value of the property and your budget. Keeping 20 percent of the total budget works for most of the properties for the down payment.
Create a List of Must-haves
Create a detailed list of all needs and wants which you are looking forward to the new condo. Make sure to specify the list to your real estate agent for him to filter the search for you which fits your needs.
Support of a Real Estate Agent
Finding a real estate agent that is knowledgeable and experienced will surely smooth out the process. Different agents have different qualities you have to find a real estate agent which can cater to your needs. You should hire a real estate agent who works according to your needs and can show you the best properties from the new and updated listings.
Hire a Good Home Inspector
In order to know what the current condition of the condo is you need to hire a good home inspector. Make sure that you are getting through inspections. The home inspection is one of the most crucial steps in the home buying process. It can save you from costly consequences.
Remember to Ask About Condo Association
Condo association provides several facilities while providing a certain fee. Most of the maintenance of the common areas is done by the association. Different condo associations might be looking after different things and charging a different fee. Make sure to ensure what fee you will be charged and what are the facilities they are providing.
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(all data current as of 9/21/2019)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Planning and purchasing your first condo or your home requires attention planning and research. The best thing you can do is to take your time till you find the right property what you have always wished for.