Thinking of buying an Edmonton condo this October? Then you have a great deal of things to deal with.
This Thursday, we discuss the mistakes Edmontonians from the past and even the present have and are still making when buying an Edmonton condo.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
MISTAKE 1: Home Owners Association House Rules & Regulations
First and foremost you have to consider the rules and regulations of the Edmonton condominium before even considering to putting on an offer. Edmonton condominiums for sale have different rules and regulations from one another so don’t mistake them to be uniformed.
Some condominiums are pet friendly while others don’t allow them. Your landscaping privilege might also be restricted. Lastly, condominiums don’t allow owners to paint the exterior door and windows so you might have to mark it off your checklist as early as now.
MISTAKE 2: Mortgage Concerns
Buying an Edmonton condo is a bit different from buying an Edmonton house in terms of the mortgage. Lenders are cautious in accepting applicants. Some of them require a specific volume of units to be owner occupied. Additional constraint might be the number of Edmonton condominiums one mortgage applicant may own. Some mortgage lenders do not allow a potential mortgagee to own more than 10% of the units in a single condo.
Mortgage lenders might also have a stiff stand when it comes to loan-to-value ratios. Loan-to-value ratio is simply the current market value of the Edmonton condo vs the loan applied to it. For instance, if the mortgage down payment was 20%, then the loan-to-value ratio would be 80%.
MISTAKE 3: Not Preparing A Plan
Like everything in life, planning for the future is the key to success. You’ll need a well prepped plan if you would like to triumph in this venture.
Plan ahead if you’re thinking of using the Edmonton condo for investment purposes; check for property managers, learn about the taxes involve, etc.
MISTAKE 4: Not Working With An Edmonton Real Estate Specialist
We’ve been reminded our readers before and we’ll take this opportunity to remind everyone again, going D-I-Y when buying Edmonton real estate is a risky and careless move. The chances of losing your hard earned capital is way higher than simply working with a professional.
Yes, you can self-medicate when you’re sick but it’s always advisable to work with a medical professional. Same goes in real estate.
Google searches will yield you tons of results but it would never replace working with an Edmonton real estate professional. Google would not help you arrange all the processes involve in the transaction nor will it help you negotiate the offer with the owner of the property.
Real estate professionals exist for a reason, and it is to make your purchase of Edmonton condos and other real estate properties easier and worthwhile.
Not to toot our own horn but Team Leading Edge have the experience, network and competence to deliver the results that you need.
Ready to start? Check out the condos for sale in Edmonton here: EDMONTON CONDOS FOR SALE 2015.
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