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Follow these tips when buying your first luxury condo

February 23, 2019

Buying a family home is so much different when compared to getting your own condo. There are several things you will have to consider before getting condo that you won’t need to look at when you are buying the family home. Depending on the size and design of the structures, the condo may be worth more than the family homes. Nowadays, condos are made in a modern design, which makes them worth more than simple family homes. Some of the things you should expect to find in a condominium include a swimming pool, fitness centre, tennis or golf area, recreational centres and a pet area among others. Like any other property, you should decide on the design, neighbourhood, amenities and area rules before you buy the home.

So how will you find the perfect condo?

Questioning the need for a condo is the very first step to finding the perfect home. You will find information online and from experienced individuals about the major pros and cons of buying a luxury condo. Before you make the final decision, keep in mind that the family home is very much different to the condo. For one, your neighbours are in really close proximity. You will have a handful of neighbours; which is discouraging if you love a quite environment and personal space. Check out the rules of the home owners association and the charges before you sign any legal documents.

Hiring an experienced real estate agent will make the work easier for you. They have all the knowledge to help you find the perfect condo at an affordable rate. Check out the agent’s background for any information on condo transactions. Choose an agent who has sold and bought a few condos for clients; this shows they have major experience in the field. They are able to tell apart the good and bad condo structures, overpriced home and also fraudulent sellers.

Did you know that the process of getting a family home mortgage is almost similar to that of getting a condo?  You will need a pre-approval letter before you start shopping for the home. a pre-approval will help you figure out how much you can afford on the home and also prevent you from spending too much money on property you cannot afford. Most lenders do not offer finances to individuals looking to buy condos.

Just like all other homes, you should get a pre-view of the place before making the final decision. Buying a condo is very tricky for first time buyers. Ensure the place has a secure parking space, social amenities of your choice, a pet centre, gym, pool and additional storage for your excess property.

Finally, talk to someone about the extra fees before you make the final decision on a condo. Most of them are run by home owners associations,which means there are rules and expenses involved. The associations are in charge of rules, regulations and maintenances in the area. Find out if the fees are affordable to you before buying the property.